MP Materials Corp (MP) 2022 Q2 法說會逐字稿

Good afternoon, and thank you for attending today's MP Materials Second Quarter 2022 Earnings Conference Call. My name is Austin, and I'll be your moderator for today. (Operator Instructions)

下午好，感謝您參加今天的 MP Materials 2022 年第二季度收益電話會議。我的名字是奧斯汀，今天我將擔任您的主持人。 （操作員說明）

I would now like to pass the conference over to our host, Martin Sheehan, with MP Materials. Martin, please proceed.

現在，我想將會議轉交給我們的主持人 Martin Sheehan，他的同事是 MP Materials。馬丁，請繼續。

Thank you, operator, and good day, everyone. Welcome to the MP Materials Second Quarter 2022 Earnings Call. With me today from MP Materials are Jim Litinsky, Founder, Chairman and Chief Executive Officer; Michael Rosenthal, Founder and Chief Operating Officer; and Ryan Corbett, Chief Financial Officer.

謝謝你，接線員，大家好。歡迎來到 MP Materials 2022 年第二季度財報電話會議。今天和我一起來自 MP Materials 的還有創始人、董事長兼首席執行官 Jim Litinsky； Michael Rosenthal，創始人兼首席運營官；和首席財務官 Ryan Corbett。

Before we get to our opening remarks, as a reminder, today's discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the company's actual results to differ materially from these statements are included in today's presentation, earnings release and in our SEC filings. In addition, we have included some non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in the appendix to today's presentation and earnings release. Any reference in our discussion today to EBITDA means adjusted EBITDA. Finally, the earnings release and slide presentation are available on our website.

在我們開始致開幕詞之前，提醒一下，今天的討論將包含與未來事件和預期相關的前瞻性陳述，這些陳述受各種假設和警告的影響。可能導致公司實際業績與這些陳述產生重大差異的因素包含在今天的演示文稿、收益發布和我們提交給美國證券交易委員會的文件中。此外，我們在本演示文稿中包含了一些非公認會計原則的財務指標。與最直接可比的 GAAP 財務指標的對賬可以在今天的演示文稿和收益發布的附錄中找到。我們今天討論中對 EBITDA 的任何提及均指調整後的 EBITDA。最後，我們的網站上提供了收益發布和幻燈片演示。

With that, I'll turn the call over to Jim. Jim?

有了這個，我會把電話轉給吉姆。吉姆?

Thanks, Martin, and thank you all for joining us this afternoon. Let me start by giving you a quick rundown on our plan for today's call. First, I will open with the highlights of the quarter, followed by Ryan's review of our financials and KPIs, and then I'll return to update you on Pages 2 and 3 progress and address some highlights from our just published and inaugural ESG report before opening the call up to Q&A.

謝謝，馬丁，謝謝大家今天下午加入我們。首先讓我簡要介紹一下我們今天電話會議的計劃。首先，我將首先介紹本季度的亮點，然後是 Ryan 對我們的財務和 KPI 的審查，然後我將返迴向您介紹第 2 頁和第 3 頁的進展情況，並討論我們剛剛發布的首份 ESG 報告中的一些亮點打開問答環節。

So let's get started on Slide 4. Our second quarter results continue to demonstrate solid execution. In the quarter, we produced 10,300 metric tons and sold 10,000 metric tons of rare earth concentrate. Both figures are consistent with last year's second quarter. Given the significant increase in construction on site, investment in maximizing the long-term value of the mineral resource as well as planning and coordinating for Stage 2 commissioning, we are really pleased with the team's ability to focus and deliver on hitting world-class production and shipping targets. Similar to last quarter, we executed well throughout the quarter, maintaining cost discipline and benefited from record realized prices. This resulted in another quarter of solid financial performance.

因此，讓我們從幻燈片 4 開始。我們的第二季度業績繼續顯示出穩健的執行力。本季度，我們生產了 10,300 公噸，銷售了 10,000 公噸稀土精礦。這兩個數字與去年第二季度一致。鑑於現場建設的顯著增加、對最大化礦產資源長期價值的投資以及第二階段調試的規劃和協調，我們對團隊能夠專注於實現世界級生產的能力感到非常高興和運輸目標。與上一季度類似，我們在整個季度都表現良好，保持成本紀律並受益於創紀錄的實際價格。這導致了另一個季度的穩健財務業績。

Revenue was up 96% year-over-year to $143.6 million. Adjusted EBITDA was up 137% to $110 million. Our adjusted EBITDA margin expanded 13 points to 77%, and we earned $0.43 per share in adjusted diluted EPS, an increase of 139%. This strong financial performance brought our year-to-date normalized Stage 1 free cash flow to approximately $227.7 million. Ryan will provide additional detail on the KPIs that drove this strong performance in just a minute.

收入同比增長 96% 至 1.436 億美元。調整後的 EBITDA 增長 137% 至 1.1 億美元。我們調整後的 EBITDA 利潤率擴大了 13 個百分點，達到 77%，調整後的攤薄每股收益為 0.43 美元，增長了 139%。這種強勁的財務表現使我們年初至今的標準化第一階段自由現金流達到約 2.277 億美元。 Ryan 將在短短一分鐘內提供有關推動這一強勁表現的 KPI 的更多詳細信息。

But first, with regards to Stages 2 and 3, as we previously highlighted, our primary focus continues to be on completing construction of our Stage 2 optimization project this year, which remains on track. Construction pace continued to ramp and we expect to maintain the current pace into the fourth quarter. We remain on target for mechanical completion by year-end, and we've begun pre-commissioning, which includes checkouts and initial performance testing on both legacy and new circuits in preparation for commissioning.

但首先，關於第 2 階段和第 3 階段，正如我們之前強調的那樣，我們的主要重點仍然是在今年完成我們的第 2 階段優化項目的建設，該項目仍在按計劃進行。建設步伐繼續加快，我們預計將在第四季度保持目前的步伐。我們仍然在年底前完成機械完工的目標，並且我們已經開始預調試，其中包括對舊電路和新電路的檢查和初始性能測試，以準備調試。

In addition, our Stage 3 facility is going vertical in Fort Worth, and we remain heavily focused on key hires, procurement of long-lead equipment and other items tracking for a late 2023 start of product for magnetic alloy. I'll provide a few more details on Stages 2 and 3 in just a minute.

此外，我們的第 3 階段工廠將在沃思堡實現垂直化，我們仍將重點關注關鍵招聘、長期設備的採購和其他項目，以跟踪 2023 年末開始的磁性合金產品。我將在稍後提供有關第 2 階段和第 3 階段的更多詳細信息。

But first, let me turn the call over to Ryan to run through our results in a bit more detail. Ryan?

但首先，讓我將電話轉給 Ryan，以更詳細地了解我們的結果。瑞恩？

Thanks, Jim. And as Jim just highlighted, Q2 was another strong quarter operationally and financially, and we delivered it even as construction activity at Mountain Pass approached its peak. As I go through the details, I'll point out how the numbers reflect both continued efforts to optimize production and step up in Stage 3 related work.

謝謝，吉姆。正如 Jim 剛剛強調的那樣，第二季度在運營和財務方面又是一個強勁的季度，即使 Mountain Pass 的建築活動接近頂峰，我們也實現了這一目標。在詳細介紹細節時，我將指出這些數字如何反映優化生產的持續努力和第三階段相關工作的加強。

On Slide 6 and starting with the bottom left graph, as Jim mentioned, production volumes remained very solid, in line with last year's output at 10,300 metric tons. There are a few considerations in comparing period-to-period that I'll remind everybody about. As we stated in prior quarters, while we remain focused on Stage 2 precommissioning, we were always working to optimize our Stage 1 reagent gains as well as looking to understand bottlenecks and trade-offs to maximize REO production over time.

在幻燈片 6 上，從左下圖開始，正如 Jim 所說，產量仍然非常穩定，與去年 10,300 公噸的產量一致。在比較不同時期時有一些注意事項，我會提醒大家。正如我們在前幾個季度所述，雖然我們仍然專注於第 2 階段的預調試，但我們一直在努力優化我們的第 1 階段試劑收益，並尋求了解瓶頸和權衡，以隨著時間的推移最大限度地提高 REO 產量。

A major advantage of our ore body is consistency and neurology, but we continue to optimize our feed grade and composition to maximize the life of mine, which can drive some lumpiness quarter-to-quarter, but supports production growth over the medium and long term. This is particularly true this year as we incorporate changes afforded by the new and larger mine plan and lower cutoff grade as discussed on our fourth quarter call. Also, recall that we typically take at least a 1-week shutdown for preventive plant maintenance in the second and fourth quarters. So we generally have lower output in those quarters, which we saw here in Q2 sequentially.

我們礦體的一個主要優勢是一致性和神經學，但我們會繼續優化我們的進料品位和成分，以最大限度地延長礦山壽命，這可能會導致季度間出現一些塊狀，但支持中長期的產量增長.今年尤其如此，因為我們納入了新的和更大的礦山計劃和較低的邊界品位所帶來的變化，正如我們在第四季度電話會議上所討論的那樣。此外，請回想一下，我們通常會在第二季度和第四季度進行至少 1 週的停工以進行預防性工廠維護。因此，我們通常在這些季度的產出較低，我們在第二季度連續看到了這一點。

As we mentioned, a major focus for the remainder of the year is completing the transition to Stage 2 operations particularly in the concentrate drying and roasting areas that tie directly into our existing flotation and concentrate filtration circuits. As we prepare for Stage 2 commissioning and our second semiannual outage in the fourth quarter that may include additional Stage 2 tie-ins, we expect Q3 production to look similar to the first quarter of this year. We currently project that our fourth quarter outage may be slightly longer than the prior years.

正如我們所提到的，今年剩餘時間的一個主要重點是完成向第 2 階段操作的過渡，特別是在與我們現有的浮选和精礦過濾迴路直接相連的精礦乾燥和焙燒區域。隨著我們為第二階段調試和第四季度的第二次半年一次的停電做準備，其中可能包括額外的第二階段連接，我們預計第三季度的生產看起來與今年第一季度相似。我們目前預計第四季度的停電時間可能會比往年略長。

Moving clockwise on the chart to sales volumes, our logistics team continues to manage well through a highly dynamic shipping environment, allowing us to continue to shift the vast majority of our production each quarter. As you see on the top right, pricing remained strong in the quarter, up about 90% year-over-year and 1% quarter-over-quarter. On a sequential basis, recall that NdPr pricing had a recent high in the early March time frame. And given the slight lag in our realized prices versus market agencies, some of that strong March pricing was realized in our Q2 results. NdPr pricing has recently pulled back to below $120 per kilogram. And given our realized pricing is highly correlated with NdPr pricing, we expect to see a decline in our Q3 realized pricing versus Q2 in the mid-teens percentage points if current prices hold, although it will remain nicely ahead of last year's Q3.

在圖表上順時針移動到銷量，我們的物流團隊繼續通過高度動態的運輸環境進行良好的管理，使我們能夠繼續在每個季度轉移我們的大部分生產。正如您在右上角看到的，本季度的定價依然強勁，同比增長約 90%，環比增長 1%。在連續的基礎上，回想一下 NdPr 價格在 3 月初的時間範圍內達到了最近的高點。鑑於我們的實際價格與市場機構相比略有滯後，一些強勁的 3 月份定價已在我們的第二季度業績中實現。 NdPr 價格最近回落至每公斤 120 美元以下。鑑於我們的已實現定價與 NdPr 定價高度相關，如果當前價格保持不變，我們預計第三季度的已實現定價與第二季度相比會下降 10 個百分點左右，儘管它仍將遠高於去年第三季度。

Lastly, on the bottom right graph of the slide, core Stage 1 production costs despite inflationary pressure, remain roughly in the $1,300 to $1,400 per metric ton range. Keep in mind, we are usually on the higher end of this range during quarters with a maintenance shutdown.

最後，在幻燈片的右下角，儘管存在通脹壓力，但第一階段的核心生產成本仍大致保持在每公噸 1,300 至 1,400 美元的範圍內。請記住，在維護停機期間，我們通常處於此範圍的高端。

In the second quarter, excluding the growth in Stage 2 advanced recommissioning related costs, year-over-year core production costs were roughly flat at just over $1,400 per metric ton. The higher year-over-year Stage 2 related costs were mostly associated with impacts from the restart of our combined heat and power plant early this year as well as continued hiring of the operation and maintenance of future circuits.

在第二季度，不包括第 2 階段高級重新調試相關成本的增長，核心生產成本同比大致持平，略高於每公噸 1,400 美元。與去年同期相比，第二階段相關成本較高的主要原因是今年年初我們的熱電聯產廠重啟以及繼續僱用未來電路的運營和維護的影響。

As you will recall from our last earnings call, the heat and power plants must run at a certain minimum power output for operational and permit compliance, and as such, is currently generating power in excess of Stage 1 needs, which we are primarily dissipating at our load banks. The cost of this temporary inefficiency represents just over half of the $350 per metric ton impact in the quarter and will, of course, continue for the next couple of quarters as we commission and scale Stage 2 operations.

正如您在我們上次的財報電話會議中所記得的那樣，熱電廠和發電廠必須以一定的最低功率輸出運行才能運行並允許合規，因此，目前產生的電力超過了第一階段的需求，我們主要在我們的負載銀行。這種暫時性低效率的成本僅佔本季度每公噸 350 美元影響的一半多一點，當然，隨著我們委託和擴大第二階段的運營，接下來的幾個季度將繼續存在。

The Stage 2 related costs impacting our overall production costs went from about $290 to $350 per metric ton sequentially, mainly due to lower quarterly shipping volumes in the denominator. And of course, given our focus on getting the Stage 2 commissioning, we will ramp our hiring in the back half of the year.

影響我們整體生產成本的第 2 階段相關成本依次從每公噸約 290 美元至 350 美元，主要是由於分母中季度出貨量減少。當然，鑑於我們專注於第二階段的調試，我們將在今年下半年增加招聘。

Summarizing our results on Slide 7, you can see that on a year-over-year basis, revenue was up 96%, adjusted EBITDA up 137%, diluted adjusted EPS up 139%, and EBITDA margins increased 13 percentage points, all primarily driven by higher realized pricing and with regards to our profitability metrics, cost controls and production efficiencies outweighing inflationary pressures. Quarter-over-quarter comparisons for all 4 metrics were primarily impacted by the lower shipments in the quarter versus Q1.

總結我們在幻燈片 7 上的結果，您可以看到，收入同比增長 96%，調整後 EBITDA 增長 137%，攤薄調整後每股收益增長 139%，EBITDA 利潤率增長 13 個百分點，所有這些都主要受驅動通過更高的已實現定價以及我們的盈利能力指標、成本控制和生產效率超過通脹壓力。所有 4 個指標的季度環比比較主要受到本季度出貨量低於第一季度的影響。

Moving to Slide 8. Year-to-date, normalized Stage 1 free cash flow grew to $227.7 million through the end of June, driven by higher operating cash flows generated from improved profitability. Net capital expenditures totaled $117.5 million year-to-date with another approximately $32 million of CapEx-related payables on the balance sheet at the end of the quarter. As we talked about earlier this year, CapEx will be backloaded, ramping as the year progresses, primarily related to our 3 key investments. First, completion of the (inaudible) portion of the Stage 2 construction and related investments in Mountain Pass; second, our Fort Worth magnetics facility; and lastly, initial investments in heavy separations and recycling at Mountain Pass.

轉到幻燈片 8。截至 6 月底，年初至今，標準化的第一階段自由現金流增長至 2.277 億美元，這是由於盈利能力提高而產生的更高的經營現金流。年初至今的淨資本支出總額為 1.175 億美元，本季度末資產負債表上還有約 3200 萬美元與資本支出相關的應付賬款。正如我們今年早些時候所說，資本支出將隨著時間的推移而增加，主要與我們的 3 項關鍵投資有關。首先，完成第二階段建設的（聽不清）部分以及在 Mountain Pass 的相關投資；第二，我們的 Fort Worth 磁性設施；最後，Mountain Pass 對重型分離和回收的初始投資。

So while Stage 1 strong cash flow has funded our investments to date this year, we would expect to see the impact of the higher CapEx spend on free cash flow in the back half of the year, but we will only need to draw modestly on our fortress balance sheet to absorb this ramp in spend.

因此，雖然第一階段強勁的現金流為我們今年迄今為止的投資提供了資金，但我們預計今年下半年資本支出增加對自由現金流的影響，但我們只需要適度利用我們的堡壘資產負債表以吸收這一支出增長。

Regarding the balance sheet, we took advantage of the recent rise in treasury rates to invest a portion of our cash balance into higher-yielding short-duration U.S. government-backed securities in the quarter. As such, we closed the quarter with approximately $600 million of short-term investments in addition to $654 million of cash and cash equivalents for a total balance of $1.26 billion of cash equivalents and short-term investments. You will see the impact of this move from cash into short-term investments on the cash flow statement when we file our 10-Q.

關於資產負債表，我們利用近期國債利率上升的機會，在本季度將部分現金餘額投資於收益率更高的短期美國政府支持證券。因此，本季度結束時，除了現金和現金等價物 6.54 億美元外，我們還有約 6 億美元的短期投資，現金等價物和短期投資的總餘額為 12.6 億美元。當我們提交 10-Q 時，您將看到這種從現金轉向短期投資對現金流量表的影響。

In summary, another strong quarter across the board for the company's operations. Production, cost control and demand for our product continue to highlight the significant early success of our 3-stage strategy, which gives us further confidence in our ability to execute on Stages 2 and 3.

總而言之，該公司的運營又是一個全面強勁的季度。生產、成本控制和對我們產品的需求繼續凸顯我們三階段戰略的早期成功，這讓我們對我們在階段 2 和階段 3 的執行能力更有信心。

And with that, I'll turn it back to Jim. Jim?

有了這個，我會把它轉回給吉姆。吉姆?

Thanks, Ryan. Let's turn to Slide 10 to discuss our progress on downstream expansion in the quarter. Here is a good shot of our concentrate dryer in calciner, two of the major Stage 2 optimization projects at Mountain Pass. We mentioned last quarter that construction had reaccelerated, and we have now hit peak effort on site. We also mentioned adding a night shift. And as such, we now have craft labor, think electricians, pipe fitters and iron workers on-site nearly 20 hours a day, 6 days a week, over 2 shifts. We expect to sustain this effort into the fourth quarter. In certain areas where construction is more advanced, our project team has already begun mechanical checkouts of construction and started identifying a punch list of items to complete the job.

謝謝，瑞恩。讓我們轉向幻燈片 10，討論我們在本季度下游擴張方面的進展。這是我們在煅燒爐中的精礦乾燥機的好照片，這是 Mountain Pass 的兩個主要階段 2 優化項目。我們在上個季度提到建設已經重新加速，我們現在已經在現場達到了頂峰。我們還提到了增加夜班。因此，我們現在有手工藝工人，比如電工、管道裝配工和鐵工，每天工作近 20 小時，每週工作 6 天，兩班倒。我們預計這一努力將持續到第四季度。在某些建設較先進的地區，我們的項目團隊已經開始對建設進行機械檢查，並開始確定完成工作的項目清單。

For the balance of the project, the remaining critical path items are largely related to piping, electrical and ancillary equipment installation. We do continue to work through isolated supply chain issues, but at this point, nearly all process equipment, tanks, pumps, steel, pipe, electrical wire and process instruments are on-site. Chips and other automation control equipment have proven the most unpredictable supply chain challenges, and we are working diligently to manage through those.

對於項目的其餘部分，其餘關鍵路徑項目主要與管道、電氣和輔助設備安裝有關。我們確實會繼續解決孤立的供應鏈問題，但目前，幾乎所有的工藝設備、儲罐、泵、鋼材、管道、電線和工藝儀器都在現場。芯片和其他自動化控制設備已證明是最不可預測的供應鏈挑戰，我們正在努力應對這些挑戰。

The great news is that as of today, we don't see any impediments to starting performance testing in the fourth quarter, largely in process sequence, beginning with the concentrate dryer, calciner and lead circuit. This will be a very important first step in our recommissioning efforts. And regarding the recommissioning of existing assets, we also made important progress on a number of fronts in the second quarter. we completed upgrades to our NdPr separation facility, completed work on parts of our impurity removal and iron removal processes, continued upgrades to process automation, hardware and software, completed work on part of our brine recovery and treatment facilities and recommissioned our upgraded brine concentrator facility, which is a critical precursor to successfully operated our salt crystallizer and maintaining site-wide water balance.

好消息是，截至今天，我們沒有看到在第四季度開始性能測試有任何障礙，主要是在工藝序列中，從精礦乾燥器、煅燒爐和鉛電路開始。這將是我們重新調試工作中非常重要的第一步。而在現有資產的複產方面，我們在第二季度的多個方面也取得了重要進展。我們完成了 NdPr 分離設施的升級，完成了部分雜質去除和除鐵工藝的工作，繼續升級了工藝自動化、硬件和軟件，完成了部分鹽水回收和處理設施的工作，並重新調試了升級後的鹽水濃縮器設施，這是成功運行我們的鹽結晶器和維持全廠水平衡的關鍵前兆。

We also continued front-end engineering of our heavy rare separation and finishing circuits and began key procurement activities. We also advanced our integrated magnet recycling plans to provide the most comprehensive and efficient recycling capability for various end of life and process waste across our 2 sites. Many other optimization projects are underway, and we are excited that they are also on pace to be complete to support Stage 2 commissioning and operations.

我們還繼續對重型稀有分離和精加工電路進行前端工程，並開始關鍵採購活動。我們還推進了綜合磁鐵回收計劃，為我們兩個站點的各種報廢和工藝廢物提供最全面和最有效的回收能力。許多其他優化項目正在進行中，我們很高興它們也即將完成以支持第 2 階段的調試和運營。

Moving to Stage 3 on Slide 11. It's early but we are off to a great start. If you will recall last quarter, we showed a picture with the initial grading of the site underway. You can see in this updated picture that concrete slab-on-grade is poured, and we started going vertical with the walls. So most of the foundations are completed as our underground utilities.

在幻燈片 11 上轉到第 3 階段。現在還早，但我們有了一個良好的開端。如果您還記得上個季度，我們展示了一張正在對網站進行初始分級的圖片。你可以在這張更新的圖片中看到，混凝土板已經澆築，我們開始與牆壁垂直。所以大部分地基都是作為我們的地下設施完成的。

We have also established a supply base for all our major process equipment and have placed the orders for key long lead manufacturing equipment to support the start of alloy production. Importantly, we continue to grow a talented team with a focus on project execution and process and product engineering.

我們還建立了所有主要工藝設備的供應基地，並訂購了關鍵的長引線製造設備，以支持合金生產的啟動。重要的是，我們將繼續培養一支專注於項目執行、流程和產品工程的優秀團隊。

Moving on to Slide 12. I just wanted to briefly touch on our inaugural ESG report, which we published a week or so ago. You can find it on our website under the Sustainability heading or in the Investor section under Resources. There are some great highlights listed on the slide, although I won't go through at all. The most important things to know are: one, our mission will create a western supply of sustainably sourced raw materials that are critical to electrifying the world; two, we operate the most environmentally responsible rare earth production site in the world, a significant competitive advantage for us going forward; and three, we know that it is our people that drive our success. So we remain very focused on hiring and developing a diverse and talented workforce. We view our owner-operator culture as another key competitive advantage for us. And we continue to grow and add new talent across our Mountain Pass, Las Vegas and Fort Worth locations, adding nearly 50 people in the second quarter and bringing our total head count to roughly $450.

轉到幻燈片 12。我只是想簡要談談我們一周前發布的首份 ESG 報告。您可以在我們網站的可持續性標題下或資源下的投資者部分找到它。幻燈片上列出了一些重要的亮點，儘管我根本不會介紹。要知道的最重要的事情是：第一，我們的使命是為西方提供可持續採購的原材料，這些原材料對世界電氣化至關重要；二，我們經營著世界上對環境最負責任的稀土生產基地，這對我們來說是一個重要的競爭優勢；第三，我們知道是我們的員工推動了我們的成功。因此，我們仍然非常專注於招聘和培養多元化和有才華的員工隊伍。我們將我們的所有者-經營者文化視為我們的另一個關鍵競爭優勢。我們繼續在山口、拉斯維加斯和沃思堡的地點發展和增加新人才，第二季度增加了近 50 人，使我們的總人數達到約 450 美元。

So in wrapping up, I wanted to highlight that in early July, we reached our 5-year anniversary as a company. I realized to many of you that we've only been a public company for about 20 months. But the original formation of the company by Michael and myself dates back to 2017.

所以在結束時，我想強調一下，在 7 月初，我們迎來了公司成立 5 週年。我向你們中的許多人意識到，我們成為一家上市公司才大約 20 個月。但邁克爾和我最初成立公司的時間可以追溯到 2017 年。

Thanks to the MP team, Mountain Pass is now producing more annual REO content than it ever has in its 70-year history. And therefore, that means that the United States of America has never before produced as much rare earth content domestically. To highlight and reward the incredible efforts of the team and to show our commitment to our owner-operator culture, in July, we awarded all nonexecutive employees a restricted stock grant. So not only is the U.S. capability in our industry stronger than it has ever been, but we are continuing to build upon our culture of shared success across all members of our team. MP is already a remarkable success story over the past 5 years, but our team operates with the mindset that MP is an iconic American company just getting started on its journey. I remain incredibly optimistic about our future.

多虧了 MP 團隊，Mountain Pass 現在每年製作的 REO 內容比其 70 年曆史上的任何時候都多。因此，這意味著美國以前從未在國內生產過如此多的稀土含量。為了突出和獎勵團隊令人難以置信的努力，並展示我們對所有者-運營商文化的承諾，我們在 7 月向所有非執行員工授予了限制性股票贈款。因此，美國在我們行業中的能力不僅比以往任何時候都要強大，而且我們正在繼續建立我們團隊所有成員共同成功的文化。在過去的 5 年裡，MP 已經是一個非凡的成功故事，但我們團隊的運作理念是，MP 是一家剛剛起步的標誌性美國公司。我對我們的未來仍然非常樂觀。

With that, let's open it up for questions.

有了這個，讓我們打開它來提問。

(Operator Instructions) Our first question is with Matt Summerville from D.A. Davidson.

（操作員說明）我們的第一個問題是來自 D.A. 的 Matt Summerville。戴維森。

First, Jim, on the last call, you gave a little bit of an overview on what you thought was driving NdPr pricing at that point kind of heading south off of the late February, early March high. And I was wondering if you could kind of do a similar market assessment on what you think is driving more recent pricing actions of [120] a kilogram. And then I have a follow-up.

首先，Jim，在最後一次電話會議上，您簡要概述了您認為推動 NdPr 價格在 2 月下旬、3 月初的高點向南下跌的原因。我想知道您是否可以對您認為推動最近 [120] 每公斤定價行為的因素進行類似的市場評估。然後我有一個跟進。

Sure. So Matt, well, as I said last time, and you'll always hear me say every time, commodities are commodities and no one really knows and they're driven by supply and demand, and it's hard to predict. What I would say is this is ultimately a market. And in the last few months, the global economy has really obviously deteriorated. Post Russia, there's been a lot of challenges. We've seen across the commodity landscape, prices have come down. And so certainly, any commodity is not going to be immune from that.

當然。所以，馬特，好吧，就像我上次說的，你每次都會聽到我說，商品就是商品，沒有人真正知道，它們是由供需驅動的，很難預測。我想說的是，這最終是一個市場。而在過去的幾個月裡，全球經濟確實明顯惡化了。在俄羅斯之後，有很多挑戰。我們已經看到整個商品市場，價格已經下降。因此，當然，任何商品都不會對此免疫。

As we think about our commodity, which -- a large growth case is, of course, going into the auto supply chain. Actually, auto sales in the U.S. are really good sort of relative to where they were prior to the price decline beginning because there have been such shortages and backlogs. And frankly, employment is still great. So even as we -- it feels like -- and it is, we -- my belief is we're in a recession, it started throughout -- beginning of the year on a real basis. Employment is still strong. So that means auto sales continue strong. And so we don't see that here.

當我們考慮我們的商品時，一個巨大的增長案例當然是進入汽車供應鏈。實際上，相對於價格開始下跌之前的水平，美國的汽車銷售量確實不錯，因為一直存在短缺和積壓。坦率地說，就業仍然很好。因此，即使我們 - 感覺就像 - 確實如此，我們 - 我的信念是我們正處於衰退中，它從整個 - 年初開始。就業依然強勁。這意味著汽車銷售繼續強勁。所以我們在這裡看不到這一點。

I would say on the Chinese side, it's always hard to read the tea leaves in what's going on over there. But certainly, with all of the lockdowns, you've seen sort of a setback in auto sales there. And so there's nothing that we see with respect to our market, in particular other than sort of that kind of the dramatic geopolitical landscape that is impacting everything. What I would say and just stepping back, Matt, to give further context because I think it's important to view it all from the landscape of at least, yes, for my macro view.

我想說的是，在中國方面，總是很難從那邊的情況中讀懂茶葉。但可以肯定的是，隨著所有的封鎖，你已經看到那裡的汽車銷售出現了某種挫折。因此，我們在市場方面看不到任何東西，特別是除了那種影響一切的戲劇性地緣政治格局之外。我想說的只是退後一步，馬特，提供進一步的背景信息，因為我認為至少從宏觀角度來看這一切很重要，是的，對於我的宏觀觀點。

If you recall, early last year when -- in early '21 when people were talking about transitory inflation, I think I was one of the early people to come out and say, I don't think it's so transitory. The better analogy is thinking about the reverberating supply chain shocks of the 1973 Arab Oil Embargo and what that did to the economy. And then, I think as the year unfolded, people realized it wasn't transitory. I still think that, that analogy holds. I think that we've hit this period where we've now -- the economy has now taken a hit because of all the factors that we don't need to rehash.

如果你還記得，去年年初——在 21 年初，當人們談論短暫的通貨膨脹時，我想我是最早站出來說的人之一，我不認為它是如此短暫。更好的類比是考慮 1973 年阿拉伯石油禁運造成的供應鏈衝擊以及這對經濟造成的影響。然後，我認為隨著時間的推移，人們意識到這不是暫時的。我仍然認為，這個類比成立。我認為我們已經到了現在的這個時期——由於所有我們不需要重新討論的因素，經濟現在受到了打擊。

And so commodities prices have pulled in, and I think there's a bit of sort of celebration out there, if you will. But if you go back to that '70s analogy, and again, there's no such thing as a perfect analogy, but there was a period of a year or so in the mid-70s where things pulled back, growth slowed, but then actually because the supply challenges weren't solved, they accelerated higher even again into the late '70s. And I actually think we're in sort of that period where we've had this pullback. So all commodities have kind of pulled in.

所以大宗商品價格已經上漲，如果你願意的話，我認為那裡有一些慶祝活動。但如果你回到 70 年代的類比，再一次，沒有完美的類比，但在 70 年代中期有一年左右的時間，情況有所回落，增長放緩，但實際上是因為供應挑戰並沒有得到解決，它們甚至在 70 年代後期再次加速走高。我實際上認為我們正處於這種回調的時期。因此，所有商品都有某種程度的拉動。

But whether the next 3, 6, 9 months are fine or challenging or very challenging. As we look out a year or 2 or beyond when eventually markets pick back up, particularly with all the investment going into electrification, I think we're going to see a reacceleration pretty much irrespective of what the Fed does, barring some Volcker like true dramatic spike. But again, these are supply issues. And so you can't deal with supply issues just by short-term cutting demand because, ultimately, economies need to grow on a real basis over a long period of time.

但無論接下來的 3、6、9 個月是好的還是具有挑戰性的或非常具有挑戰性的。當我們展望一兩年或更長時間市場最終回升時，特別是所有投資都進入電氣化時，我認為無論美聯儲做什麼，我們都將看到重新加速，除非像沃爾克這樣真的戲劇性的飆升。但同樣，這些都是供應問題。所以你不能僅僅通過短期削減需求來解決供應問題，因為最終經濟需要在很長一段時間內實現真正的增長。

Anyway, give your apology -- and if I didn't -- just to end that, I think it goes without saying that, of course, we sell everything we can make we certainly don't, in any way, see impact. So we remain very bullish that everything that we've said before about the rise of electrification and the demand for NdPr, we're very bullish. So go ahead. What's the follow-up?

無論如何，請道歉——如果我沒有道歉——只是為了結束這一點，我認為不言而喻，當然，我們出售我們能生產的所有東西，我們當然不會以任何方式看到影響。因此，我們仍然非常看好我們之前所說的關於電氣化的興起和對 NdPr 的需求的一切，我們非常看好。所以請繼續。後續是什麼？

Got it. Yes, I was just going to ask if you could give a little more help on how the unabsorbed production costs for Stage 2 will ramp in the back half? Because it sounds like you have somewhat of a milestone perhaps coming in the fourth quarter when you start to test some of the equipment, some of the facilities. So relative to that $350 million, how much chunkier if you will, will we get from there in the back half of the year.

知道了。是的，我只是想問你能否就第二階段未吸收的生產成本如何在後半段上升提供更多幫助？因為聽起來你有一個里程碑，可能在第四季度開始測試一些設備，一些設施時。因此，相對於這 3.5 億美元，如果你願意的話，我們會在今年下半年從那裡獲得多少。

Yes. Matt, it's Ryan. I can take that. I'd say if you look at the $350 million sequentially versus the $290 million, if you do the math on the product that was sold through versus those numbers, the total dollars didn't actually change that meaningfully. The ramp on a per unit basis is to your point, you're getting the descaling from a lower sequential shipment. I'd say if you look at those dollars and how those may change over the course of the year, as we talked about in the prepared remarks, about half of that impact is the inefficiency of the combined heat and power plant that will certainly continue.

是的。馬特，我是瑞恩。我可以接受。我會說，如果您按順序查看 3.5 億美元與 2.9 億美元，如果您對銷售的產品與這些數字進行數學計算，總美元實際上並沒有發生有意義的變化。以單位為基礎的坡道對您來說很重要，您正在從較低的順序裝運中獲得除垢。我想說，如果你看看這些美元以及這些美元在一年中可能會如何變化，正如我們在準備好的評論中談到的那樣，大約一半的影響是熱電聯產廠的效率低下，這肯定會繼續下去.

And then the other half is primarily related to labor and other associated costs that I do think will start to scale a little bit in Q3 and a bit more in (technical difficulty). We don't have specific guidance on that, but I think it is fair to assume, obviously, taking into account the ups and downs of sequential production if you just look at it on a dollars basis. Certainly in Q4 as we start to meaningfully ramp hiring, you will start to see a bit more of an impact. I'd also flag though that based on the type of costs we're incurring, those costs can find themselves in capitalized project costs as well. So it's not like all of our hiring is going to make its way into this. But I would be prepared for a little bit of a step up in the back half of the year.

然後另一半主要與勞動力和其他相關成本有關，我認為這些成本將在第三季度開始擴大一點，並在（技術難度）方面增加一點。我們對此沒有具體的指導，但我認為，如果你只是以美元為基礎，考慮到連續生產的起伏，我認為這是公平的假設。當然，在第四季度，隨著我們開始有意義地增加招聘，您將開始看到更多的影響。我還要指出，根據我們產生的成本類型，這些成本也可以在資本化項目成本中找到。所以並不是我們所有的招聘都會進入這個領域。但我會準備在今年下半年稍微提高一點。

And then the one other thing I'd flag overall on this point certainly is, we've made very clear as we ramp that this will become a transition year as we move into producing our Stage 2 products. And so you can expect, certainly, to your point, I think, the impacts of that on the financial statements as we begin to ramp. Obviously, we're extremely excited about the progress we've been making. But the reality is as we transition, you will start to see that.

然後我在這一點上總體上要指出的另一件事當然是，我們已經明確表示，隨著我們進入生產我們的第 2 階段產品，這將成為過渡年。因此，我認為，當然，就您的觀點而言，隨著我們開始加速，您可以預期這對財務報表的影響。顯然，我們對我們所取得的進展感到非常興奮。但現實是，當我們過渡時，你會開始看到這一點。

Our next question is with Robin Fiedler from BMO. Robin.

我們的下一個問題是來自 BMO 的 Robin Fiedler。羅賓。

Nice quarter. I have a question on the Inflation Reform Act. In the proposed build, there is section on potential production tax credit about 10% for critical material processing, specifically in your case. But I'm curious to know if you have any insight into that and how that might look like for you guys specifically? And if it is passed, would this be applied to each stage of your operations or maybe just Stage 2, for example? Any kind of unique insight you might have into that would be -- would be great.

漂亮的季度。我有一個關於《通貨膨脹改革法》的問題。在建議的構建中，有一節關於關鍵材料加工的潛在生產稅收抵免約為 10%，特別是在您的情況下。但我很想知道你是否對此有任何見解，以及這對你們來說具體會是什麼樣子？如果通過了，這是否會應用於您運營的每個階段，或者僅適用於第 2 階段？您可能對此有任何獨特的見解 - 會很棒。

Sure. So Robin, well, big picture, just to lay the background. The bill is -- of course, it's not passed. And I've heard there was a headline that they're going to a vote Saturday, who knows. But from what we see from the bill, obviously, it goes without saying that it's -- it will accelerate electrification, EVs, wind turbines, electric (inaudible) pumps, it's really fantastic for our supply chain. And of course, it's just sort of a more positive fuel to the fire of all the things that we've been talking about and the importance of everything that we've been doing. This has obviously been the mission that we've been on.

當然。所以羅賓，好吧，大圖，只是為了奠定背景。該法案 - 當然，它沒有通過。我聽說有一個標題說他們將在星期六投票，誰知道呢。但從我們從法案中看到的情況來看，顯然，它會加速電氣化、電動汽車、風力渦輪機、電動（聽不清）泵，這對我們的供應鏈來說真的太棒了。當然，它只是一種更積極的燃料，助長了我們一直在談論的所有事情以及我們一直在做的一切事情的重要性。這顯然是我們一直在執行的任務。

So when we think about all of the supply chain challenges that we've had and now we've said repeatedly, government and industry wants us to get more stuff onshore. This -- both this bill and the CHIPS Act are all great and positive steps forward. So really great. I mean I think it's fair to say that this -- the bill kind of came out there, and it was somewhat of a surprise to everyone because it was just people weren't expecting.

因此，當我們考慮到我們所面臨的所有供應鏈挑戰時，現在我們已經反复說過，政府和行業希望我們在岸上獲得更多的東西。這 - 該法案和 CHIPS 法案都是向前邁出的偉大而積極的一步。太棒了。我的意思是，我認為可以公平地說，該法案已經出台，這讓每個人都感到有些意外，因為這只是人們沒有預料到的。

And if we look at the content as what's in the bill today, it's fantastic for us. And we do -- yes, to answer your question directly on the production tax credit, we believe that our operation will be eligible for that. It's certainly -- we have to read the fine print and what's passed and make sure our tax team is working closely on which aspects of the stages of our operation specifically apply, if you will. And -- but I would -- I think it's fair to say from initial reading, it should be very good for us. And so we're happy to see it. And it will be -- it is something that will be a material benefit to us as we see it. As written, of course, anything can happen and certainly, it hasn't passed. But it's pretty great.

如果我們將內容視為今天的賬單，這對我們來說太棒了。我們確實 - 是的，為了直接回答您關於生產稅收抵免的問題，我們相信我們的運營將有資格獲得此優惠。當然——我們必須閱讀細則和通過的內容，並確保我們的稅務團隊正在密切合作，確定我們運營階段的哪些方面特別適用，如果你願意的話。而且 - 但我會 - 我認為從最初的閱讀中可以公平地說，這對我們來說應該非常好。所以我們很高興看到它。它將是 - 正如我們所看到的那樣，這將對我們產生物質利益。正如所寫，當然，任何事情都可能發生，當然，它還沒有過去。但它非常棒。

Understood. And maybe just a quick follow-up on that and somewhat related. Yes, go ahead. Go ahead, finish your thought. Go ahead.

明白了。也許只是對此的快速跟進，並且有些相關。好，去吧。來吧，完成你的想法。前進。

No, I was just going to say, for those who don't know, maybe know, but it's a tax credit has written. So it's 10%, whatever that cost means is, it would mean 10%, and that's actually a credit you would get. So it could be -- this could be material dollars to us, which is great. Sorry, go ahead.

不，我只是想說，對於那些不知道的人，也許知道，但這是一個稅收抵免。所以它是 10%，無論成本意味著什麼，它都意味著 10%，這實際上是你將獲得的信用。所以它可能是 - 這對我們來說可能是物質美元，這很棒。對不起，繼續。

And I just say this has passed, and obviously, I agree with you, certainly helped to accelerate all these end markets that you would benefit from. And earlier this week, we saw Lynas decide to upsize their capacity plans ahead of even what they were originally planning. Just curious, with everything going on, like have you guys thought about potentially changing plans on the upstream side or is it still likely more of a focus for you maybe only after Stage 2 and 3 are completed?

我只是說這已經過去了，很明顯，我同意你的看法，這肯定有助於加速你將從中受益的所有這些終端市場。本週早些時候，我們看到 Lynas 決定在他們最初的計劃之前擴大他們的容量計劃。只是好奇，隨著一切的進行，你們是否考慮過可能改變上游方面的計劃，還是只有在第 2 階段和第 3 階段完成之後，它仍然可能成為你們更多關注的焦點？

Well, as you know, I've always said that my belief is that the quickest, lowest risk, highest return additional Western supply would be expansion at Mountain Pass. And I feel very strongly about that. I would tell you that our near-term priority is getting Stages 2 and 3 executed, right? We're obviously just beginning -- about to begin commissioning. And so we want to make sure that all hands are on deck to make sure that we get what we have in the coming months done right. So that's the primary focus.

好吧，如你所知，我一直說我的信念是，最快、最低風險、最高回報的額外西方供應將是在山口擴張。我對此感覺非常強烈。我會告訴你，我們近期的首要任務是執行第 2 階段和第 3 階段，對嗎？我們顯然才剛剛開始——即將開始調試。因此，我們希望確保所有人都做好準備，以確保我們在接下來的幾個月中將我們所擁有的一切做好。所以這是主要的焦點。

But over time, it's certainly adding additional capacity is a very high return endeavor for us. I would -- I can't really address their specific announcement. It was hard to see in that announcement. Obviously, you'd have to ask them about their own capacity expansion, how much of that was really kind of catch-up CapEx or other cost overruns versus sort of prior numbers. And again, that's more of them. But I can tell you that the takeaway I had from that release from what we see and I think that it's just a really, really powerful thing to reiterate is that supply in this space requires scale.

但隨著時間的推移，它肯定會增加額外的容量，這對我們來說是一項非常高的回報。我會 - 我無法真正解決他們的具體公告。在那個公告中很難看到。顯然，您必須向他們詢問他們自己的產能擴張，其中有多少是真正的追趕資本支出或其他成本超支與之前的數字相比。再說一次，這更多。但我可以告訴你，我從我們所看到的發布中得到的收穫，我認為這只是一個非常非常強大的事情，需要重申的是，這個領域的供應需要規模。

And particularly when you have a growth market like this, there'll be a lot of what I'll call juniors out there doing capital formation, there'll be a lot of people raising capital, as they should. I mean, it's -- we need more supply. And so the reality is, though, is this is -- look at their numbers, look at our numbers, the amount of capital invested. This is a scale business that requires a lot of investment and time and you don't -- you take years. And so I think that it just is another data point to remind everyone that we're really well positioned and to sort of take advantage of this growth cycle. And to the extent that there are parties out there that learn the hard way what I'm saying, I think that we'll be in a good position to, frankly, help those parties and get that supply online.

特別是當你有一個像這樣的增長市場時，會有很多我稱之為初級的人在那裡進行資本形成，會有很多人籌集資金，他們應該這樣做。我的意思是，我們需要更多的供應。所以現實是，雖然，這是 - 看看他們的數字，看看我們的數字，投資的資本金額。這是一項規模龐大的業務，需要大量投資和時間，而您不需要——您需要數年時間。所以我認為這只是另一個數據點，提醒大家我們真的處於有利位置，並在某種程度上利用這個增長周期。並且在某種程度上，那裡的各方都以艱難的方式學習了我所說的話，我認為坦率地說，我們將處於有利位置，可以幫助這些各方並在線獲取供應。

And then lastly, I would say, and I think that this is an important thing to highlight with respect to their announcement is I did notice that one thing, and I only would reference it because I think it's an important thing to mention about MP is that with respect to their announcement, one of the things that was a big component of it was bringing their environmental standards up to speed, so to speak, with something closer to the dry tailings process we have at Mount Pass. And so we have repeatedly to discuss how much investment and how important that was that we are the most sustainable producer in the space.

最後，我要說，我認為對於他們的公告來說，這是一件要強調的重要事情，我確實注意到了一件事，我只會參考它，因為我認為關於 MP 的重要事情是關於他們的公告，其中一個重要組成部分是提高他們的環境標準，可以這麼說，更接近我們在 Mount Pass 的干尾礦工藝。因此，我們反复討論了多少投資以及我們成為該領域最可持續的生產商的重要性。

And so frankly, it was great to see them make some of those -- announced and hopefully make some of those investments too because we all want to make sure that production in this space is environmentally friendly as it can be. But I do also think it again highlights how far ahead we are and we're proud of that.

坦率地說，很高興看到他們做出其中的一些——宣布並希望也做出一些投資，因為我們都希望確保這個領域的生產盡可能地對環境友好。但我也確實認為這再次凸顯了我們的領先優勢，我們為此感到自豪。

Our next question is from George Gianarikas from Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 George Gianarikas。

Great results. So I'd just like to ask a little bit about several announcements that we've seen from some of the major traditional auto OEMs regarding battery and EV materials. I'm sure you've seen them from recently from Ford and GM. Obviously, GM is already a partner, but I'd like to just kind of pick your brain on what's happening with you guys and what you kind of see over the next 12, 24 months, call it, in terms of additional announcements, additional deals just because the scurry to secure material seems to be at an apex. And I'm wondering what that means for MP.

偉大的結果。所以我想問一些關於我們從一些主要的傳統汽車原始設備製造商那裡看到的關於電池和電動汽車材料的公告。我敢肯定，您最近從福特和通用汽車那裡看到了它們。顯然，通用汽車已經是一個合作夥伴，但我想就你們在接下來的 12 個月、24 個月內發生的事情以及你們所看到的情況來思考一下，就額外的公告而言，額外的交易只是因為匆忙獲得材料似乎處於頂點。我想知道這對 MP 意味著什麼。

Yes. Well, let me give you the takeaway punch line, and then I'll give you some detail, but I think the best way to describe it, we are not demand constrained. We are very supply constrained in this space. There is no shortage of -- there's no shortage of OEMs that recognize that all aspects of the critical materials -- supply chain, obviously, with the announcements you just mentioned are important. But in particular, our space, given the unique attributes, frankly, of our industry as well as the unique attributes of Mount Pass and some of the benefits that we can provide with respect to certainty and rule of law jurisdiction and environmental standards.

是的。好吧，讓我給你外賣的妙語，然後我會給你一些細節，但我認為最好的描述方式是，我們不受需求限制。我們在這個領域的供應非常有限。不乏——不乏 OEM 認識到關鍵材料的各個方面——供應鏈，顯然，你剛才提到的公告很重要。但特別是我們的空間，坦率地說，鑑於我們行業的獨特屬性以及 Mount Pass 的獨特屬性，以及我們可以在確定性和法治管轄權和環境標準方面提供的一些好處。

And so -- and I would also add -- it's not just auto, right? It's wind, it's other -- there are a number of verticals for electrification that this will be relevant for. And as auto scrambles for materials, that, of course, means other areas need to scramble as well. And so that's a long-winded way of saying the conversations continue and have increased. I wouldn't really address any specific conversations other than to say that we really believe that we have something very valuable and strategic and our -- we also want to make sure that the deals -- remember that these deals take whether -- I'm not going to address a specific deal, but these deals that we might do, if you will, or have done are long-term deals. And it's really important that we get the economics right to maximize return for shareholders. And it's really important that we also, as an organization, do deals and take on the kind of partners that we think are going to be great long-term partners for our business.

所以——我還要補充一點——它不僅僅是自動的，對吧？它是風，它是其他 - 有許多垂直的電氣化，這將是相關的。隨著汽車對材料的爭奪，這當然意味著其他領域也需要爭奪。因此，這是一種冗長的說法，即對話仍在繼續並有所增加。除了說我們真的相信我們有一些非常有價值和戰略性的東西而且我們的——我們也想確保這些交易——記住這些交易是否——我'我不打算處理具體的交易，但如果您願意或已經完成，我們可能會做的這些交易是長期交易。讓我們獲得正確的經濟學以最大化股東的回報是非常重要的。作為一個組織，我們也必須進行交易並接受我們認為將成為我們業務的長期合作夥伴的那種合作夥伴，這一點非常重要。

And so we are spending -- I mean that's -- a significant chunk of management time thinking through all the iterations of the deals and JV type opportunities that we have. And I think it's fair to say if you this is only really accelerating because we know that where penetration is in electrification, and we know where it's going. And of course, if the Inflation Reduction Act passes, it will accelerate even again. And so we're in a great spot, and we just need to execute.

因此，我們正在花費 - 我的意思是 - 大量的管理時間來思考我們擁有的所有交易和合資類型機會的迭代。而且我認為公平地說，如果你只是真的在加速，因為我們知道電氣化的滲透率，而且我們知道它的發展方向。當然，如果《降低通脹法案》通過，它甚至會再次加速。所以我們處於一個很好的位置，我們只需要執行。

May I ask a follow-up to that. Just when you think about future deal structuring, is there a potential for demand just for your rare earth material? Or do you plan on structuring everything going forward from a magnet perspective? Or does it not matter whatever the most economic return is?

我可以問一個後續行動。就在您考慮未來的交易結構時，您的稀土材料是否有潛在需求？或者你打算從磁鐵的角度來構建一切？還是說，最大的經濟回報是多少都無關緊要？

Well, the answer is there's certainly demand for both. You may have heard me historically say that I think long term, our magnetics business could -- will be larger than the underlying current expected output of our ore body today, right? Because we have the ability to take advantage of the opportunity to really grow in magnetics. We have the ability to grow horizontally and take other feed or who knows what unfolds in the future as far as more material.

嗯，答案是肯定對兩者都有需求。您可能聽過我在歷史上說過，我認為從長遠來看，我們的磁性業務可能——將大於我們今天礦體的潛在當前預期產量，對吧？因為我們有能力利用這個機會在磁性領域真正成長。我們有能力橫向增長並採取其他飼料，或者誰知道未來會發生什麼，只要有更多的材料。

But to answer your question, we certainly have opportunities on both 2 and 3. And I think you should expect us to be economic, and we're an owner operator culture, as you know, I'm the largest shareholder. And so we're thinking about this from a -- what is the most thoughtful way we can maximize long-term enterprise value for MP as well as make sure that we are doing things, again, just going back to what I said before, it's just so important is making sure that we can take on things that we can execute. And so we're always thinking about risk and reward and those trade-offs. And we won't be in a rush.

但是要回答你的問題，我們當然在 2 和 3 上都有機會。而且我認為你應該期望我們是經濟的，而且我們是業主運營商文化，如你所知，我是最大的股東。所以我們從一個角度來考慮這個問題——我們可以最大限度地為 MP 實現長期企業價值並確保我們做事的最周到的方式是什麼，再次回到我之前所說的，確保我們能夠承擔我們可以執行的事情非常重要。所以我們一直在考慮風險和回報以及這些權衡。我們不會著急。

We are -- I think when you look at these deals, you see that given what we have, we're years and billions ahead. So we just need to make sure that we frankly don't mess up that position. And the way we don't mess up that position is by being thoughtful about what the right long-term deals are and then making sure that we're a good partner to our partners.

我們是 - 我認為當您查看這些交易時，您會看到鑑於我們所擁有的，我們領先數年和數十億美元。所以我們只需要確保坦率地說我們不會搞砸那個位置。我們不搞砸這一立場的方法是考慮什麼是正確的長期交易，然後確保我們是合作夥伴的好夥伴。

Our next question is with Ben Kallo from Baird.

我們的下一個問題是來自 Baird 的 Ben Kallo。

Just on pricing differential between what you think domestic production will be versus going through China if there is one. That's my first question.

僅就您認為國內生產與通過中國（如果有的話）之間的價格差異而言。這是我的第一個問題。

Ryan, do you want to take that?

瑞恩，你想拿那個嗎？

I assume, Ben, you're talking about magnet.

我猜，本，你說的是磁鐵。

Anywhere along the process for Stage 2 or Stage 3 is if you'd expect to get a premium.

第 2 階段或第 3 階段過程中的任何地方都是如果您希望獲得溢價。

Well, what -- obviously, with oxide, we sell a commodity that is dominated by the Chinese supply chain and therefore, has been and will be for some period of time going forward priced as a China domestic product. I do think, though, what you're seeing and back to Jim's comments a moment ago about the required scale to really grow supply at China as you're seeing the scaled players outside of China gain scale, including us. And so over time, will that manifest in a different type of pricing scheme for our products is absolutely possible. It's something that we talk about and think about.

嗯，什麼 - 顯然，對於氧化物，我們銷售一種由中國供應鍊主導的商品，因此，在未來一段時間內，已經並將在未來一段時間內定價為中國國內產品。不過，我確實認為，您所看到的以及剛才吉姆關於真正增加中國供應所需規模的評論，因為您看到中國以外的規模擴大的參與者，包括我們在內，都在擴大規模。因此，隨著時間的推移，我們的產品絕對有可能以不同類型的定價方案體現出來。這是我們談論和思考的事情。

But at the end of the day, right now, for the short term, this is priced on a China domestic basis. I think when you get to looking at magnets, it is not a commodity, and it's a lot harder to make any specific comment about pricing other than to say we've been very clear from the beginning about what our strategy is in the magnetic space, which is to build our capability as quickly as we can, get to scale, drive significant scale and come down the cost curve as quickly as we can. That's exactly what we've done at Mountain Pass on the oxide side, and that's exactly what we hope to do on the magnetic side. The reality is that day 1, our goal is not to try to come out and beat China on pricing. That's not realistic with a 1,000 metric ton facility, but that's also not necessarily what customers are looking for day 1.

但歸根結底，目前，就短期而言，這是在中國國內定價的。我認為當你開始研究磁鐵時，它不是一種商品，除了說我們從一開始就非常清楚我們在磁性領域的戰略是什麼之外，就定價做出任何具體評論要困難得多，即盡快建立我們的能力，擴大規模，推動顯著規模，並儘快降低成本曲線。這正是我們在 Mountain Pass 在氧化物一側所做的，這正是我們希望在磁性一側做的事情。現實情況是，第一天，我們的目標不是試圖在定價上打敗中國。這對於 1,000 公噸的設施來說是不現實的，但這也不一定是客戶第一天想要的。

And so I think we have a great opportunity to partner with the right partners, as Jim just talked about and get to scale as quickly as possible to come down that cost curve. There are a lot of things that we are able to do as somewhat of a greenfield in the magnetic space as it relates to automation and other process technologies.

因此，我認為我們有很好的機會與合適的合作夥伴合作，正如 Jim 剛剛談到的那樣，並儘快擴大規模以降低成本曲線。在與自動化和其他工藝技術相關的磁性空間中，我們可以做很多事情，就像是一片綠地。

And importantly, one thing that's underappreciated about our competitive advantage in the magnetic space is part of the reason the market is so liquid on the magnet side in China is they have the ability to deal with the waste that comes off of the process steps of magnet making due to their separation capabilities in country. We will not just have it in country, we'll have it integrated into the same company. And so I think that the competitive advantage we get by having Mountain Pass and our Stage 3 facility integrated, should not be underestimated and it's something that we intend to continue to leverage over time as we grow scale. So I know that hopefully, that addresses your question overall, Ben.

重要的是，我們在磁性領域的競爭優勢被低估的一件事是中國磁鐵市場流動性如此之大的部分原因是他們有能力處理磁鐵工藝步驟產生的廢物由於他們在國內的分離能力。我們不僅會在國內擁有它，還會將其整合到同一家公司中。因此，我認為我們通過整合 Mountain Pass 和我們的 Stage 3 設施所獲得的競爭優勢不容小覷，隨著我們規模的擴大，我們打算隨著時間的推移繼續利用這一優勢。所以我知道希望這能解決你的問題，Ben。

That's great. And I know, Jim, you said you're focused on Stage 2 and 3 before anything else. But are you doing work now on expansion at Mountain Pass?

那太棒了。我知道，吉姆，你說你首先關注的是第 2 階段和第 3 階段。但是你現在在山口進行擴建工作嗎？

Well, sure. You should imagine that we are -- these are very long lead items, and you should imagine that we're thinking about long-term growth. For example, when -- if you look at our business, about a year ago or a little over a year ago after we went public, having a magnetics business was something we said to the market was a 2025-plus vision, if you will, and -- but we were working on it. And then I think it's fair to say that you fast forward a year ahead and you see -- I mean even we're really -- I'm really proud of the team. I mean, what we've accomplished in the last year and change on the magnetics and moving that forward is just extraordinary. It's because we just -- we continue to grow at just outstanding human capital on that front. And obviously, we have tilt walls going up and a long-term deal with GM and a business that's really taking shape. And it's awesome and exciting to see. And I mean that's a long-winded way of saying that it's sort of hard to discuss 2 years ago kind of what that was.

嗯，當然。你應該想像我們是 - 這些是非常長期的領先項目，你應該想像我們正在考慮長期增長。例如，如果您查看我們的業務，大約一年前或一年多前我們上市後，我們對市場說擁有磁性業務是 2025 年以上的願景，如果您願意的話，而且——但我們正在努力。然後我認為可以公平地說你提前一年快進，你看到 - 我的意思是即使我們真的 - 我真的為球隊感到驕傲。我的意思是，我們在過去一年中所取得的成就以及磁力方面的變化以及向前推進的成就是非凡的。這是因為我們只是 - 我們在這方面繼續以傑出的人力資本增長。很明顯，我們有傾斜的牆，與通用汽車的長期協議和真正正在形成的業務。看到它真是太棒了，令人興奮。我的意思是，這是一種冗長的說法，很難討論 2 年前的那種情況。

But if you fast forward 2 years, look at what we have today. And so we are looking at all sorts of ways to grow the business in earlier stages, mid-phases later stages. And I think we'll be able to do that for years to come. And so you should assume that we're thinking about all the things we can and just -- but again, we have to take it step by step and do the things. I mean you said we have to execute in the coming months on getting Stage 2 going. So we'll take this one step at a time.

但如果你快進 2 年，看看我們今天的情況。因此，我們正在尋找各種方法來在早期階段、中期後期發展業務。我認為我們將能夠在未來幾年內做到這一點。所以你應該假設我們正在考慮我們能做的所有事情，而且只是——但同樣，我們必須一步一步地去做。我的意思是你說我們必須在接下來的幾個月裡執行第二階段的工作。所以我們會一步一步來。

Our next question is with Corinne Blanchard from Deutsche Bank.

我們的下一個問題是德意志銀行的 Corinne Blanchard。

Most of my question have been answered, but I just add maybe 2. The first one on pricing. Spot pulp price in China may be interested to give your view about the way you think it would continue over the next 6 to 12 months. And then the second question, can you just remind me what are the next big stage for the Stage 3 for the textile facility?

我的大部分問題都已得到解答，但我只添加了 2 個。第一個關於定價的問題。中國現貨紙漿價格可能有興趣就您認為未來 6 至 12 個月的持續方式發表您的看法。然後是第二個問題，你能提醒我紡織設施第三階段的下一個大階段是什麼嗎？

I'm sorry, what was the last part? You said the next big...

對不起，最後一部分是什麼？你說下一個大...

The next stage for the textile facility, the Stage 3 extension.

紡織設施的下一階段，即第三階段擴建。

The next stage. Okay. Well, let me do the first part and then I'll... Yes, next sure. So the -- so on the first part, I covered some of the pricing of NdPr earlier. But actually, one tiny thing that I just realized I didn't cover that I think is actually relevant is this is a seasonally weak period, the kind of some of the summer months in NdPr. So for what it's worth, this is that. But again, I would just remind you that it is a market, right? And we've seen all global commodities pull back and I would just reiterate my comments about we never -- whenever I'm asked a question on pricing, I honestly, I have no clue in the very short term and then in the medium and long term supply and demand are going to be the drivers. And from everything that we see. And then, of course, as we covered earlier on the Inflation Reduction Act or all the things that -- or some of the OEM announcements and prepayments for commodities, from everything we see in the supply chain, whether it's on the business side or on the government side, people are trying to accelerate this transition.

下一階段。好的。好吧，讓我做第一部分，然後我會……是的，下一個確定。所以 - 在第一部分，我之前介紹了 NdPr 的一些定價。但實際上，我剛剛意識到我沒有涵蓋但我認為實際上相關的一件小事是，這是一個季節性疲軟時期，就像 NdPr 的某些夏季月份一樣。所以對於它的價值，就是這樣。但是，我想再次提醒你，這是一個市場，對吧？我們已經看到所有全球大宗商品都在回落，我只想重申我的評論，即我們從來沒有 - 每當我被問到定價問題時，老實說，我在很短的時間內沒有任何線索，然後在中期和長期供需將成為驅動因素。從我們所看到的一切。然後，當然，正如我們之前在《通貨膨脹減少法案》或所有事情中所涵蓋的——或者一些 OEM 公告和商品預付款，從我們在供應鏈中看到的一切，無論是在業務方面還是在政府方面，人們正在努力加速這一轉變。

And there's a realization that we don't have enough of this stuff, and it's -- the easy thing about commodities is you can do the math and look at the supply and the demand, and you can make estimates about growth and then look at what's out there. And so I think that the supply-demand dynamic in our space is -- there's really no other commodity I'd rather be in. I mean it's really awesome, and we're well positioned. And so -- but as far as kind of the pullback from a few months ago to now, other than sort of the market and obviously, China was shut down for a while. Your guess is as good as mine on that front for short-term movement.

人們意識到我們沒有足夠的這些東西，而且 - 關於大宗商品的簡單事情是你可以做數學並查看供應和需求，你可以估計增長然後查看外面有什麼。所以我認為我們這個領域的供需動態是——我真的沒有其他商品更願意進入。我的意思是它真的很棒，而且我們處於有利地位。所以——但就幾個月前到現在的那種回調而言，除了某種市場，很明顯，中國已經關閉了一段時間。你的猜測和我在這方面的短期走勢一樣好。

As far as Stage 3, I think -- and feel free to follow up if I missed sort of the intent of the question. But the next step so that really the -- what we're doing right now is we're building the facility, and we're getting all ordering and designing the process flow, getting all of the equipment and building the team. And the first step will be -- obviously, we'll complete the facility. We'll get the equipment ready for alloy production. And as we've said, we expect late 2023, we will be selling alloy to GM. And then from there, we will continue to go down into magnets and we -- our dealers will be making magnets for them in 2025. So that is -- I think that was the steps -- the question on the steps for Stage 3. Did I miss that? Or if you want to follow up.

就第 3 階段而言，我認為 - 如果我錯過了問題的意圖，請隨時跟進。但是下一步，我們現在正在做的是建造設施，我們正在訂購和設計工藝流程，獲得所有設備並建立團隊。第一步將是 - 顯然，我們將完成該設施。我們將為合金生產準備好設備。正如我們所說，我們預計到 2023 年底，我們將向通用汽車出售合金。然後從那裡開始，我們將繼續深入研究磁鐵，我們 - 我們的經銷商將在 2025 年為他們製造磁鐵。所以這就是 - 我認為這就是步驟 - 關於第 3 階段步驟的問題。我錯過了嗎？或者如果你想跟進。

Next question is with Lawson Winder from Bank of America.

下一個問題是來自美國銀行的 Lawson Winder。

I just wanted to ask about the concentrate pricing discount. So the discount that you guys get for your concentrate versus spot oxide prices, it appears to be trending pretty solidly lower. It looks like it was flat this quarter versus last quarter, but if I just look on a longer-term basis, clear trend downward. Now I suspect this reflects that the Chinese industry is much longer separation than it is concentrate, but I'd love to get your views on what you think is driving that and whether you think that could continue downward. And I mean, at some point, we get to the situation where selling concentrate into China is actually a higher value-add than selling oxide given the 25% tariff.

我只是想問一下集中定價折扣。因此，你們從精礦獲得的折扣與現貨氧化物價格相比，似乎呈相當低的趨勢。看起來本季度與上一季度持平，但如果我只是從長期來看，下降趨勢明顯。現在我懷疑這反映了中國行業的分離時間比集中時間長得多，但我很想听聽你的看法，你認為是什麼推動了這種趨勢，以及你認為這種趨勢是否會繼續下降。我的意思是，在某些時候，考慮到 25% 的關稅，我們會發現向中國銷售精礦實際上比銷售氧化物具有更高的附加值。

Lawson, it's Ryan. I can take that. Would I stay on the discount as we've talked a little bit about this before in terms of trying to triangulate the implied discount. Because of the way the market works in China, obviously, there is really a discrete market that we're selling into for separation facilities versus obviously, it tracks quite closely to the NdPr price. But there are some supply and demand nuances. And the way those tend to manifest is when NdPr pricing goes up, the discount implied tends to go down, and vice versa. And so obviously, you've seen the trend over the last couple of years, NdPr pricing has gone in one direction, and so our discount has gone in the other. To the extent the flip happens, you would see the flip side of that.

勞森，我是瑞恩。我可以接受。我會保持折扣嗎，因為我們之前在嘗試對隱含折扣進行三角測量方面已經討論過這個問題。由於中國市場的運作方式，很明顯，我們銷售的分離設施確實存在一個離散市場，而很明顯，它與 NdPr 價格非常接近。但存在一些供需細微差別。而這些往往體現的方式是，當 NdPr 價格上漲時，隱含的折扣往往會下降，反之亦然。很明顯，您已經看到了過去幾年的趨勢，NdPr 定價已經朝著一個方向發展，因此我們的折扣也朝著另一個方向發展。就翻轉發生的程度而言，你會看到它的另一面。

In terms of your comment on oxide versus concentrate, what I would say there is that we continue to be very bullish on the opportunity to sell oxide outside of China. We've been very clear that, that will take some time as we transition. But I think just look at the actions of the other players in the market, don't just take our word for it. Clearly, with the capacity additions that you're seeing from other players in the space, there really is a significant amount of unfilled demand for our product outside of China, and that has always been the strategy for moving downstream into Stage 2. And then, of course, building up our own internal consumption on Stage 3. So that remains the focus.

關於您對氧化物與精礦的評論，我想說的是，我們仍然非常看好在中國以外銷售氧化物的機會。我們已經非常清楚，這將需要一些時間來過渡。但我認為只要看看市場上其他參與者的行為，不要只相信我們的話。顯然，隨著您從該領域的其他參與者那裡看到的產能增加，中國以外對我們的產品確實存在大量未滿足的需求，而這一直是下游進入第二階段的策略。然後，當然，在第 3 階段建立我們自己的內部消費。所以這仍然是重點。

And then maybe just a follow-up on that. Are you somehow able to kind of quantify what your expectation is in terms of how much of your product you'll be selling outside of China, maybe in year 1 or 2? Maybe it's a little too early, but I know you have been developing your own internal selling capability. Just wondering if you might have a little bit more clarity on that than you did maybe a few a couple of quarters ago.

然後也許只是對此的跟進。您是否能夠以某種方式量化您的期望，即您將在中國境外銷售多少產品，也許是在第一年或第二年？也許現在還為時過早，但我知道您一直在發展自己的內部銷售能力。只是想知道你是否可能比幾個季度前更清楚一點。

It is certainly safe to assume that we have a bit more clarity now than we did then. But at this point, we're not giving specific forward guidance. I'd say that the trends that we've been talking about broadly continue to accelerate. And you're starting to see not just certainly the supply additions on our commodity, but supply additions on the magnetic side, in areas outside of China. And so you can expect that, obviously, that's going to come with the requisite incremental demand.

可以肯定的是，我們現在比當時更清楚了。但在這一點上，我們沒有給出具體的前瞻性指導。我想說的是，我們一直在廣泛討論的趨勢繼續加速。你開始不僅看到我們商品的供應增加，而且在中國以外的地區，磁性方面的供應增加。因此，您可以預期，顯然，這將伴隨著必要的增量需求。

And so as Jim mentioned, we continue to try to be very methodical in how we approach these deals, certainly with our initial Fort Worth magnetics facility being sub-10% of our demand. We will, in the short term, have a significant amount of oxide to sell into the open market, and our goal is to sell as much of that outside of China as we can.

正如 Jim 所提到的，我們繼續努力在處理這些交易時非常有條不紊，當然，我們最初的 Fort Worth 磁性設施僅占我們需求的 10% 以下。在短期內，我們將有大量的氧化物出售到公開市場，我們的目標是盡可能多地在中國以外的地方出售。

Our final question shall come from Abhishek Sinha from Northland.

我們的最後一個問題將來自北國的 Abhishek Sinha。

So most of the question have been answered. I just wanted one thing. For your downstream business, other than GM, have you seen any other noticeable interest from any other parties that you could share with us?

所以大部分問題都已經回答了。我只想要一件事。對於您的下游業務，除通用汽車外，您是否看到任何其他方的任何其他明顯的興趣，您可以與我們分享？

So well, as I kind of discussed and I'll just reiterate, we -- yes, I mean the amount of customers who -- I love -- I'll just use my favorite line, which is we're not demand constrained, we're supply constrained. There's a lot of interest from a lot of parties. It's not just the OEMs, it's OEMs, wind and a number of other use cases. You should imagine we're having conversations, but we're not going to name specific parties and when we have something specific, we'll obviously share it with everyone.

好吧，正如我所討論的那樣，我會重申一下，我們——是的，我的意思是——我喜歡——我會使用我最喜歡的線路的客戶數量，這就是我們不受需求限制，我們供應有限。很多派對都有很多興趣。不僅僅是原始設備製造商，還有原始設備製造商、風能和許多其他用例。你應該想像我們正在進行對話，但我們不會說出具體的當事人的名字，當我們有具體的事情時，我們顯然會與大家分享。

Sure. And then just a follow-up for the GM contract. So I know it just was about like late '23, you'll be selling alloy and then 2025, you'll have some magnets and stuff. So is there any time line constraints that you are contractually bound by GM? Or I mean, is there anything that could put a company in terms of time line constraints?

當然。然後只是通用汽車合同的後續行動。所以我知道大約是 23 年末，你會賣合金，然後到 2025 年，你會有一些磁鐵之類的東西。那麼，GM 有合同約束你的時間線限制嗎？或者我的意思是，有什麼東西可以讓公司受到時間線的限制嗎？

Well, I don't want to discuss any specific terms of any specific deal. But -- so I couldn't go into that, but I think what you're asking is are we -- can we -- how quickly can we get this going, I think, or is there some -- what are the risks, so I can kind of address it from both directions, if you will. And I would say that we are working as quickly as possible, frankly, for 2 years from -- at least 2 years, the biggest question we typically get from government and industry actors is how quickly can you get this all done, right? Is people want this supply chain restored, it's strategic economically, it's important national security wise.

好吧，我不想討論任何具體交易的任何具體條款。但是 - 所以我無法深入討論，但我認為你要問的是我們 - 我們可以 - 我們能多快完成這件事，我認為，或者是否有一些 - 風險是什麼，所以我可以從兩個方向解決它，如果你願意的話。我想說的是，坦率地說，我們正在盡可能快地工作 2 年——至少 2 年，我們通常從政府和行業參與者那裡得到的最大問題是，你能多快完成這一切，對嗎？人們是否希望恢復這條供應鏈，這在經濟上具有戰略意義，在國家安全方面很重要。

And so the ability to have a complete end-to-end mined in the United States of America, metallize it, alloy it and turn it into a magnet having the full supply chain here is important to all of us. And so we've been working as quickly as we can. So we're trying to get that done as soon as possible.

因此，在美國進行完整的端到端開採、金屬化、合金化並將其變成擁有完整供應鏈的磁鐵的能力對我們所有人都很重要。所以我們一直在盡可能快地工作。所以我們正在努力盡快完成這項工作。

As far as issues where if something were to take longer? Is there some kind of issue with that. I mean I think that people are pretty well aware that there's all sorts of disruption in the world. There's supply chain challenges. And so -- but we're planning ahead for that. I mean, I think we -- if you kind of look at the progression of our Stage 2 and there were a number of items that created challenges throughout the way as I like to say, it's a knife fight.

至於問題，如果某些事情需要更長的時間？有什麼問題嗎。我的意思是，我認為人們非常清楚世界上存在著各種各樣的混亂。存在供應鏈挑戰。所以 - 但我們正在為此提前計劃。我的意思是，我認為我們——如果你看看我們第 2 階段的進展，並且正如我想說的那樣，有許多項目在整個過程中創造了挑戰，這是一場刀戰。

But the big thing, and I think that maybe this will sort of help remember that as we're building this out, one, we're certainly you would imagine that we're in constant contact with any major -- certainly GM, who's a publicly stated deal, but any major customer that we would ever have, we would be in constant contact with and make sure that we're fully transparent about our operation. But we do have -- the rare earth magnet supply chain is a (inaudible) item, right? So it's not just industry that wants to help us down -- the downstream industry wants to help us get online as soon as possible, but the Department of Defense does as well.

但最重要的是，我認為這可能有助於記住，當我們正在構建它時，一個，我們當然你會想像我們與任何專業人士保持聯繫 - 當然是通用汽車，誰是公開聲明的交易，但我們將與任何主要客戶保持聯繫，並確保我們的運營完全透明。但我們確實有——稀土磁鐵供應鍊是一個（聽不清）項目，對吧？所以不僅僅是行業想幫助我們下去——下游行業想幫助我們盡快上線，國防部也這樣做。

And so we try to utilize that when appropriate to get things that are having trouble. And certainly, as we look around, I think the world has -- some of these issues have really eased up, and I think we've done a good job again on navigating the stuff in our Stage 2. And we have lead time on Stage 3, and that work is ongoing today. And so hopefully, we've learned some lessons from the prior process to make this process easier. But of course, there'll be -- there are always new challenges, but we have our knives sharpened and ready, and we just keep moving forward to get it done.

因此，我們嘗試在適當的時候利用它來解決有問題的事情。當然，當我們環顧四周時，我認為世界已經 - 其中一些問題確實得到了緩解，而且我認為我們在第二階段的導航方面再次做得很好。而且我們有準備時間第三階段，這項工作今天正在進行中。因此，希望我們從之前的流程中吸取了一些教訓，以使這個流程更容易。但當然，總會有——總會有新的挑戰，但我們的刀已經磨好並準備好了，我們只是繼續前進以完成它。

That concludes today's Q&A. So I'd like to pass the conference back to the management team for any closing remarks.

今天的問答到此結束。因此，我想將會議轉回給管理團隊，以便發表任何結束語。

Yes. Well, thank you, everyone. We appreciate tonight, and we look forward to seeing you all soon. Have a great night.

是的。嗯，謝謝大家。今晚我們很感激，我們期待很快與大家見面。有一個美好的夜晚。

That concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。