MP Materials Corp (MP) 2025 Q1 法說會逐字稿

Hello and welcome to the MP Materials first quarter 2025 earnings call. (Operator Instructions) Also, as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time.

您好，歡迎參加 MP Materials 2025 年第一季財報電話會議。（操作員指示）另外，提醒一下，本次會議正在錄音。如果您有任何異議，請立即斷開連接。

With that, I would like to turn the call over to Martin Sheehan, Head of Investor Relations. Mr. Sheehan, you may begin.

接下來，我想將電話轉給投資人關係主管馬丁希恩 (Martin Sheehan)。希恩先生，你可以開始了。

Thank you, operator, and good afternoon, everyone. Welcome to the MP Materials First Quarter 2025 Earnings Conference 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.

謝謝接線員，大家下午好。歡迎參加 MP Materials 2025 年第一季財報電話會議。今天與我一起的還有 MP Materials 的創辦人、董事長兼執行長 Jim Litinsky、創辦人兼營運長 Michael Rosenthal 和財務長 Ryan Corbett。

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.

提醒一下，今天的討論將包含與未來事件和預期有關的前瞻性陳述，這些陳述受各種假設和警告的影響。今天的簡報、收益報告和我們向美國證券交易委員會提交的文件中都包含了可能導致公司實際結果與這些聲明有重大差異的因素。

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 today's earnings release and the appendix to today's slide presentation. Any reference in our discussion today to EBITDA means adjusted EBITDA and tons means metric tons. Finally, the earnings release and slide presentation are available on our website.

此外，我們在本簡報中也納入了一些非 GAAP 財務指標。在今天的收益報告和今天的幻燈片簡報的附錄中可以找到與最直接可比較的 GAAP 財務指標的對帳。我們今天的討論中提到的 EBITDA 指的是調整後的 EBITDA，噸指的是公噸。最後，收益報告和幻燈片簡報可在我們的網站上查閱。

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

說完這些，我就把電話轉給吉姆。吉姆？

Thank you, Martin, and good evening, everyone. This past month has been one of the most consequential in our company's history, fast moving, challenging, deeply clarifying and ultimately energizing. For years, we have warned that the global rare earth supply chain was built on a single point of failure.

謝謝你，馬丁，大家晚上好。過去的一個月是我們公司歷史上最重要的一個月，發展迅速，充滿挑戰，深刻澄清，最終充滿活力。多年來，我們一直警告稱，全球稀土供應鏈是建立在單點故障之上的。

With China's sweeping tariffs and export restrictions, that geopolitical fault line has now become a commercial reality. Regardless of how trade negotiations evolve from here, the system, as it existed, is broken and the rare earth humpty dumpty, so to speak, is not getting put back together.

隨著中國全面實施關稅和出口限制，這條地緣政治斷層線現已成為商業現實。無論貿易談判今後如何發展，現有的體系已經崩潰，而稀土元素這個爛攤子，可以說，已經無法重新拼湊起來。

What is now abundantly clear is that the United States must urgently accelerate its full-scale domestic rare earth magnetic supply chain. This is not just about supply security. It is about the future of National Defense with systems like drones, robotics and other forms of physical AI and is about securing trillions of dollars in downstream enterprise value.

現在已經非常清楚的是，美國必須緊急加速其國內稀土磁材供應鏈的全面建設。這不僅關乎供應安全。它關係到國防的未來，包括無人機、機器人和其他形式的物理人工智慧等系統，並確保數萬億美元的下游企業價值。

The events of the past month are a powerful validation of the strategy we have pursued since founding MP. I know some of you will focus on our decision to halt shipments of rare earth concentrate to China. We will speak to the near-term implications and take your questions shortly.

過去一個月發生的事件有力地驗證了我們自成立MP以來所奉行的策略。我知道你們中的一些人會關注我們停止向中國運送稀土精礦的決定。我們將討論近期影響並儘快回答您的問題。

But let me be clear, we have prepared for this moment since day one. We are now at an inflection point, not just for MP, but for the country. The vulnerabilities in global supply chains are no longer theoretical. They are central to United States economic and national security. What we are witnessing is the beginning of a generational industrial realignment.

但我要明確指出，我們從第一天起就為這一刻做好了準備。我們現在正處於一個轉捩點，這不僅對國會議員而言，對整個國家而言都是如此。全球供應鏈的脆弱性不再只是理論上的。它們對美國經濟和國家安全至關重要。我們正在見證一代又一代產業重組的開始。

Our vertically integrated model developed with conviction and discipline over years has positioned MP as America's national champion in rare earth magnetics, serving as the natural partner of choice for the country's most consequential manufacturers across automotive, defense technology, consumer products and beyond.

多年來，我們憑藉堅定的信念和嚴謹的紀律不斷發展完善了垂直整合模式，使 MP 成為美國稀土磁材料領域的全國冠軍，並成為美國汽車、國防技術、消費品等領域最具影響力的製造商的首選合作夥伴。

We are confident that our business should grow to many multiples of its current scale and recent events are accelerating that trajectory. Scaling, of course, will require significant additional capital. But here is what has changed. We are now in active discussions with major commercial and government stakeholders who recognize the urgency of this moment and are eager to accelerate our mission.

我們有信心，我們的業務將會成長到目前規模的許多倍，而最近發生的事件正在加速這一發展軌跡。當然，擴大規模需要大量額外的資本。但這裡發生了變化。我們目前正在與主要的商業和政府利益相關者進行積極討論，他們認識到這一時刻的緊迫性，並渴望加快我們的使命。

Let me be direct, MP took on a mission that many believed was impossible. We assembled billions of dollars in assets. We built a shattered supply chain from the ground up and methodically invested over $1 billion to bring rare earth, refining, metal making and magnetics back to the United States. Against the odds, we did what others would not or could not do. And as a result, America is in a fundamentally stronger position at such a critical time because of the dedication and vision of the MP team.

讓我直接說，MP 承擔了一項許多人認為不可能的任務。我們聚集了數十億美元的資產。我們從頭開始建立了一條破碎的供應鏈，並有條不紊地投資了超過 10 億美元，將稀土、精煉、金屬製造和磁性材料帶回美國。儘管困難重重，我們還是做了別人不願意或不能做的事情。因此，由於 MP 團隊的奉獻精神和遠見卓識，美國在如此關鍵的時刻處於更有利的地位。

From here, the equation evolves. We have laid the foundation, but scaling this mission requires moving in lockstep with public and private partners who understand that MP cannot and should not carry the burden of countering mercantilism alone. Our shareholders have backed a bold vision, and they must be rewarded accordingly.

從這裡開始，等式開始演變。我們已經奠定了基礎，但擴大這項使命需要與公共和私人合作夥伴齊步前進，他們明白 MP 不能也不應該獨自承擔打擊重商主義的重擔。我們的股東支持這個大膽的願景，他們必須得到相應的回報。

We will deploy capital only where the economics are compelling, the partnerships are strong and the returns are substantial. And today, the opportunity in front of us has both the scale and momentum to reshape this industry and to deliver transformative value for our shareholders and for the country. Through it all, our principles remain unchanged. We will continue to execute with discipline, protect our balance sheet and align with partners who share our long-term vision.

我們只會在經濟狀況良好、合作關係牢固且回報豐厚的地方部署資本。今天，我們面前的機會既有規模，也有動力，可以重塑這個產業，為我們的股東和國家帶來變革性的價值。無論如何，我們的原則始終沒有改變。我們將繼續嚴格執行，保護我們的資產負債表，並與擁有共同長期願景的合作夥伴保持一致。

In the intermediate term, that means executing flawlessly for general motors, our foundational customer. I believe this will be remembered as the moment MP Materials began its transformation from a rare earth producer to a national champion and a foundational pillar of American industrial resilience.

從中期來看，這意味著為我們的基礎客戶通用汽車完美地執行。我相信，人們將永遠記住這一刻，因為這是 MP Materials 開始從稀土生產商轉型為全國冠軍企業和美國工業復原力的基礎支柱的時刻。

Let's now turn to slide 4 and go over some of the quarter's highlights. Our Materials division, made up of our upstream and midstream operations, continued its strong execution with painstaking effort in the first quarter demonstrated in part by record NdPr oxide production of 563 metric tons, a 36% sequential increase from the fourth quarter.

現在讓我們翻到投影片 4，並回顧本季的一些亮點。我們的材料部門由上游和中游業務組成，在第一季度繼續保持強勁的執行力和艱苦的努力，部分體現在镨釹氧化物產量創下 563 公噸的紀錄，比第四季度增長 36%。

In addition, the upstream produced its second highest quarterly production of REO in our eight year history as our Upstream 60K optimization projects continue to bear fruit with very strong recoveries in the quarter. We also continue to see strong sell-through of our midstream production with most of our 464 metric tons of NdPr oxide and metal sales continuing into Japan, Korea and to other non-Chinese customers.

此外，由於我們的上游 60K 優化項目繼續取得成果並在本季度實現非常強勁的復甦，上游的 REO 季度產量創下了我們八年歷史上第二高的水平。我們的中游產品銷售也持續保持強勁勢頭，464 公噸的氧化镨釹和金屬大部分銷往日本、韓國和其他中國以外的客戶。

Moving to the magnetics division. We began initial on-spec metal production for GM in the quarter. This is a significant milestone for the company and the country as we believe this is the first NdPr metal production ever done at scale in the United States. This also resulted in us recording $5.2 million in revenue and positive adjusted EBITDA for the segment in the quarter.

轉到磁學部門。我們在本季開始為通用汽車進行初始符合規格的金屬生產。這對公司和國家來說都是一個重要的里程碑，因為我們相信這是美國有史以來第一次大規模生產镨釹金屬。這也使我們在本季度為該部門實現了 520 萬美元的收入和正調整後 EBITDA。

In addition, we provided general motors with our first automotive grade magnets for them to begin validating. This is another important step for MP as we continue to make ever higher-quality magnets on our new product introduction line.

此外，我們也向通用汽車提供了首批汽車級磁鐵，供他們開始驗證。這是 MP 邁出的另一個重要步伐，我們將繼續在新產品推出線上生產更高品質的磁鐵。

There is still a lot of work to do on the commercial production equipment, which is being installed, but we remain on track to deliver commercial production of magnets for GM by year-end. These recent achievements also unlocked another $50 million customer prepayment, which was received on April 1.

正在安裝的商業生產設備還有很多工作要做，但我們仍有望在年底前為通用汽車實現磁鐵的商業化生產。這些近期成就還解鎖了另外 5,000 萬美元的客戶預付款，該款項於 4 月 1 日收到。

With that, let me turn the call over to Ryan to go through the results of the quarter. Ryan?

說完這些，讓我把電話轉給瑞安，讓他來報告本季的業績。瑞安？

Thanks, Jim. Moving to Slide 6. Our consolidated revenue shown on the left side of the page, increased 25% year over year, driven primarily by the 246% increase in NdPr sales volumes as well as the initial sales of magnetic precursor materials in the quarter.

謝謝，吉姆。移至幻燈片 6。我們的綜合收入顯示在頁面左側，年增 25%，主要得益於本季度 NdPr 銷量成長 246% 以及磁性前驅體材料的初始銷售額。

Consolidated adjusted EBITDA declined $1.5 million year over year to negative $2.7 million. The driver of our EBITDA results continues to be the transition to producing separated products such as NdPr oxide which also has the effect of reducing concentrate sales.

合併調整後 EBITDA 年減 150 萬美元，至負 270 萬美元。我們的 EBITDA 業績的驅動力仍然是向生產氧化镨釹等分離產品的轉型，這也會減少精礦的銷售。

Our per unit production costs for separated products are declining, but still temporarily elevated as we continue to optimize our processes and ramp production levels towards our targeted throughput, I'll have more on this in a moment.

我們的分離產品單位生產成本正在下降，但隨著我們繼續優化流程並將生產水準提高到目標產量，成本仍暫時上升，稍後我會對此進行更多介紹。

Adjusted diluted EPS fell from negative $0.04 a year ago to negative $0.12 this year, primarily due to higher interest expense from the issuance of our 2030 convert, lower interest income as well as higher depreciation from new assets brought into service over the last year.

調整後稀釋每股收益從一年前的負 0.04 美元降至今年的負 0.12 美元，主要原因是我們發行 2030 年可轉換債券的利息支出增加、利息收入減少以及去年投入使用的新資產折舊增加。

Recall also that first quarter 2024 GAAP EPS was impacted by a $46.3 million non-cash gain associated with the early extinguishment of the majority of our 2026 convertible notes.

還記得，2024 年第一季的 GAAP EPS 受到 4,630 萬美元非現金收益的影響，該收益與我們 2026 年大部分可轉換票據的提前償還有關。

Turning to slide 7 and the Materials segment KPIs. On the left side, our Upstream KPIs. And on the right side are the KPIs for the midstream. On the far left, you can see another very strong quarter of REO production at 12,213 metric tons, up nearly 10% compared to last year's first quarter. This is virtually all driven by stronger recoveries from our Upstream 60K projects, which Michael will provide some additional detail on shortly.

前往投影片 7 和材料部分 KPI。左側是我們的上游 KPI。右邊是中游的 KPI。在最左邊，您可以看到稀土氧化物 (REO) 產量又一個非常強勁的季度，產量達到 12,213 公噸，與去年第一季度相比增長了近 10%。這實際上全部是由我們上游 60K 項目的強勁復甦所推動的，Michael 很快就會提供一些有關這方面的更多細節。

As Jim mentioned, this was our second best quarter of production ever and our best first quarter on record. As we push more of that production through the midstream to make separated products, we have less REO to sell, driving the decline in concentrate sales volumes by nearly a third compared to last year. Realized pricing did recover somewhat from last year and was up slightly from Q4, in line with our expectations.

正如吉姆所提到的，這是我們有史以來產量第二好的季度，也是有史以來產量最好的第一季。隨著我們將更多的產量推向中游以生產分離產品，我們出售的稀土氧化物 (REO) 減少了，導致精礦銷售與去年相比下降了近三分之一。實際價格確實比去年有所回升，並且比第四季略有上漲，符合我們的預期。

Moving to the right side of the slide, NdPr production volumes grew 36% sequentially, better than our expectations, and were up 330% compared to last year. Sales volumes followed the usual roughly one quarter lag in production at 464 metric tons. As a reminder, with production volumes still at modest levels, and with a longer sales cycle for NdPr metals. The timing of shipments can significantly shift our sales volumes in a given quarterly period.

移至投影片的右側，NdPr 產量較上季成長 36%，優於我們的預期，與去年相比成長了 330%。銷售量為 464 公噸，與往常相比，產量大約落後四分之一。需要提醒的是，由於產量仍處於中等水平，且镨釹金屬的銷售週期較長。發貨時間可能會顯著改變我們特定季度的銷售量。

And on the far right of the slide, you can see our realized pricing was in line with our outlook, roughly flat sequentially at $52 a kilogram, which was down 16% from last year when overall market pricing was stronger.

在幻燈片的最右邊，您可以看到我們的實際定價與我們的預期一致，環比基本持平於每公斤 52 美元，比去年整體市場定價更強勁時下降了 16%。

Moving to slide 8. Materials segment revenues increased 14% driven by the 246% increase in NdPr oxide sales as well as the 12% increase in REO realized pricing, partially offset by the 33% decline in REO sales volumes and a 16% decline in NdPr realized pricing.

移至幻燈片 8。材料部門收入增長 14%，這得益於氧化镨釹銷量增長 246% 以及稀土氧化物 (REO) 實現價格增長 12%，但稀土氧化物 (REO) 銷量下降 33% 和鎢镨實現價格下降 16% 部分抵消了這一增長。

Note that because our REO realized pricing is on a much shorter lag versus the market compared to NdPr realized pricing, we had the somewhat unusual situation of a year over year increase in REO realized pricing, while experiencing a year over year decline in NdPr pricing. The longer lag in NdPr realized pricing is due in part to a longer sales cycle, driven by our metallization efforts in Southeast Asia as well as different contractual arrangements for NdPr oxide in metal.

請注意，由於我們的 REO 實現價格相對於 NdPr 實現價格的滯後時間比市場時間短得多，因此我們出現了一種不尋常的情況，即 REO 實現價格同比上漲，而 NdPr 價格同比下降。NdPr 實現定價的滯後時間較長，部分原因是由於我們在東南亞的金屬化工作以及金屬中 NdPr 氧化物的不同合約安排導致銷售週期較長。

Year over year segment adjusted EBITDA for the Materials segment declined from $7.3 million to $3.8 million, mainly due to the lower sales of REO and the higher sales of NdPr oxide in metal. As I mentioned earlier, our production costs for separated products are temporarily elevated as we continue to ramp production levels towards our targeted throughput.

材料部門的調整後息稅折舊攤銷前利潤 (EBITDA) 較去年同期下降，從 730 萬美元降至 380 萬美元，主要原因是稀土氧化物 (REO) 銷量下降，而金屬镨釹氧化物 (NdProxide) 銷量上升。正如我之前提到的，隨著我們繼續提高生產水準以達到目標產量，我們分離產品的生產成本暫時上升。

Sequentially, the Materials segment adjusted EBITDA improved due to a $3.2 million lower inventory reserve in the current quarter compared to the fourth quarter as well as continued improvement in efficiencies in NdPr production, including improved fixed cost absorption. Also impacting the comparison was a larger benefit in the fourth quarter from the Section 45X tax credit, which in part resulted from a favorable final rule-making by the IRS in October of 2024.

材料部門調整後的 EBITDA 環比有所改善，原因是本季庫存儲備較第四季減少 320 萬美元，以及镨釹生產效率持續提高（包括固定成本吸收改善）。對比較產生影響的另一個因素是第四季度第 45X 條稅收抵免帶來的更大收益，部分原因是美國國稅局在 2024 年 10 月制定了有利的最終規則。

And lastly, moving to the right side of the slide, you see that the initial metal production for general motors resulted in revenue of $5.2 million in the quarter and adjusted EBITDA of about $0.5 million. We couldn't be more pleased with the dedication, effort and performance of the team at Independence, which Michael will discuss in more detail shortly.

最後，移到幻燈片的右側，您會看到通用汽車的初始金屬生產在本季度產生了 520 萬美元的收入，調整後的 EBITDA 約為 50 萬美元。我們對獨立團隊的奉獻精神、努力和表現感到非常滿意，邁克爾很快就會對此進行更詳細的討論。

Looking at the outlook for our metal production at Independence. You will note that we now carry approximately $75 million of deferred revenues under our current liabilities, which, by definition, is our present expectation for revenues we will generate over the coming four quarters.

展望我們在獨立市的金屬生產前景。您會注意到，我們目前的流動負債中約有 7,500 萬美元的遞延收入，根據定義，這是我們目前對未來四個季度產生的收入的預期。

So we expect materially improved revenues in Q2, eventually leveling out of roughly $20 million a quarter over the next 12 months. And with that growth should come modestly improved EBITDA margins for the segment.

因此，我們預計第二季的營收將大幅提高，並最終在未來 12 個月內穩定在每季約 2,000 萬美元的水平。隨著這種增長，該部門的 EBITDA 利潤率應該會略有提高。

Before turning to the balance sheet, I wanted to give an update on our current expectations regarding our cost of production for NdPr oxide. It has been several years since we outlined our high-level expectations and with our focus shifting to accelerating all parts of our mid and downstream business, we thought it would be a timely update.

在查看資產負債表之前，我想先介紹一下我們目前對镨釹氧化物生產成本的預期。距離我們上次概述高層期望已經過去了好幾年，隨著我們的重點轉移到加速中下游業務的各個部分，我們認為這將是一次及時的更新。

Turning to slide 9. We've broken our NdPr cost of production into the fixed portion of costs in dark blue as well as a variable portion in light blue. I would note that these are all the costs associated with making NdPr, including upstream mining and beneficiation costs.

翻到第 9 張投影片。我們將 NdPr 生產成本分為深藍色的固定成本部分和淺藍色的變動成本部分。我想指出的是，這些都是與製造镨釹相關的成本，包括上游採礦和選礦成本。

The bar on the left is where we are currently, slightly north of an average of $60 per kilogram in the first quarter. This is at below 40% of our target production volumes on average for the quarter. As you can see on the right side, we believe that at normalized production, our target costs would be in the low $40 per kilogram, with continued opportunity for improvement.

左邊的長條圖代表我們目前的價格，略高於第一季每公斤 60 美元的平均價格。這低於我們本季平均目標產量的 40%。正如您在右側看到的，我們相信，在正常化生產下，我們的目標成本將在每公斤 40 美元以下，並且還有持續改進的機會。

Importantly, note that as we have talked about recently, the overwhelming driver of the decline is expected to be the fixed cost absorption from increasing production. And as we announced in mid-April, soon after coming out of the plant shutdown, we are exceeding 50% of our concentrate throughput being refined in the midstream circuits.

重要的是，請注意，正如我們最近談到的，預計下降的主要原因是產量增加帶來的固定成本吸收。正如我們在 4 月中旬宣布的那樣，在工廠關閉後不久，我們的精礦產量就有超過 50% 是在中游迴路中提煉的。

And of course, we also expect some modest improvements in efficiencies on the variable side once we are consistently running at roughly 1,500 metric tons per quarter. One potentially material area for further improvement in our cost structure is via commissioning of the on-site chloralkali facility.

當然，一旦我們持續以每季約 1,500 公噸的速度運行，我們也預期可變方面的效率會有一些適度的提高。我們成本結構進一步改善的一個潛在重要領域是透過現場氯鹼設施的調試。

We expect the first of three trains of chloralkali to come online next year, which we believe will be able to drive cost savings on chemical reagent inputs, which make up the significant majority of the variable costs we have notionally highlighted on the slide. And based on the track record of the team at Mountain Pass, I am confident they will continue to find ways to improve efficiency in ways they haven't even thought of yet.

我們預計三條氯鹼生產線中的第一條將於明年投產，我們相信這將能夠節省化學試劑投入的成本，而化學試劑投入佔了我們在幻燈片中強調的變動成本的絕大部分。根據 Mountain Pass 團隊的過往記錄，我相信他們將繼續尋找他們尚未想到的方法來提高效率。

Lastly, I would point out that taking our initial cost estimates from 2020 and adjusting them for inflation and the significant change in market prices of our two primary variable inputs, hydrochloric acid and caustic soda, which have increased nearly 80%, net you to almost exactly our current expected run rate cost structure.

最後，我要指出的是，根據我們 2020 年的初始成本估算，並根據通貨膨脹和我們兩個主要變數投入鹽酸和燒鹼的市場價格的顯著變化（已上漲近 80%）進行調整，您的淨成本幾乎與我們目前預期的運行率成本結構完全一致。

While we have consistently noted no material deviations from those initial views, say for inflation, this hopefully provides further clarity on why we have such confidence in being among the low-cost producers of NdPr when we achieve our target throughput.

雖然我們一直注意到，這些初步觀點並沒有出現實質偏差，例如通貨膨脹，但這希望能進一步說明，為什麼我們如此有信心在實現目標產量後成為低成本镨釹生產商之一。

Moving to the balance sheet. I wanted to point out a large increase in receivables in the quarter, which was driven by us achieving the final prepayment milestone in our magnetics division during Q1, while the $50 million of cash was received post quarter on April 1. Regardless, Q1 is always our major working capital consumer as we pay out annual incentive compensation and renew various annual prepaid expenditures, such as property and casualty insurance.

轉到資產負債表。我想指出的是，本季應收帳款大幅增加，這是因為我們在第一季度實現了磁性元件部門的最後一個預付款里程碑，而 4 月 1 日季度結束後收到了 5000 萬美元的現金。無論如何，第一季始終是我們的主要營運資金消耗者，因為我們要支付年度激勵薪酬並續簽各種年度預付費用，例如財產和意外保險。

Further, we have continued to invest in greater safety stock of key inventory items and also continue to increase the level of available inventory of oxide at tolling partners as demand for metal from our midstream business grows.

此外，隨著中游業務對金屬的需求不斷增長，我們繼續投資於關鍵庫存項目的安全庫存，並繼續增加代工合作夥伴的氧化物可用庫存水準。

Regarding our debt balance, the small remainder of our 2026 notes were moved to current as they are technically convertible within the next year. We anticipate paying these notes down with cash on hand.

關於我們的債務餘額，我們 2026 年票據的少量剩餘部分已轉為當前票據，因為從技術上講它們可以在明年內轉換。我們預計將以手邊的現金償還這些債券。

Looking at the $759 million in cash, cash equivalents and short-term investments balance as of March 31, as I just noted, we have received an incremental $50 million on April 1 and still expect to receive another approximately $50 million in cash from our 2024 tax credits.

正如我剛才提到的，看看截至 3 月 31 日的 7.59 億美元現金、現金等價物和短期投資餘額，我們已於 4 月 1 日收到了 5000 萬美元的增量，並且仍預計從 2024 年的稅收抵免中獲得另外約 5000 萬美元的現金。

Turning to capital expenditures. Our spend in the quarter was $30.5 million split approximately equally between the materials and magnetics divisions. We continue to target between $150 million and $175 million for the year for the company, including our heavy rare earth separation project, the chloralkali recommissioning noted above as well as the completion of Independence.

轉向資本支出。我們本季的支出為 3,050 萬美元，大致平均分配給材料部門和磁性部門。我們繼續為公司設定年度投資目標在 1.5 億美元至 1.75 億美元之間，包括我們的重稀土分離項目、上述氯鹼重新調試以及 Independence 項目的完工。

Specifically, with regards to heavy rare earth separations, given the accelerating long-term outlook for magnetics, as you know, Mountain Pass, while primarily a light rare earth ore body as one of the world's largest sources of rare earth content contains a significant amount of heavy rare earths. In fact, right now, we have over 200 tons on an REO basis of heavy rare earth concentrate stockpiled from our initial year of separated product production.

具體來說，關於重稀土分離，鑑於磁性材料的長期前景加速發展，如您所知，Mountain Pass 主要是一個輕稀土礦體，作為世界上最大的稀土含量來源之一，它含有大量的重稀土。事實上，目前，我們從分離產品生產的第一年就儲備了超過 200 噸（以 REO 為基礎）的重稀土精礦。

In partnership with the Department of Defense, we have been executing on a project to separate the contained dysprosium and terbium in this heavy feedstock while designing the plan to also accept third-party feedstocks from around the world to further bolster DY and TB production. We expect to bring the facility online next year.

我們與國防部合作，一直在執行一個項目，分離這種重質原料中所含的鏑和铽，同時設計計劃接受來自世界各地的第三方原料，以進一步加強鏑和铽的生產。我們預計該設施將於明年投入使用。

And importantly, we have sufficient heavy rare earth feedstock now and as the plant comes online to enable the rapid scaling of our magnet business.

重要的是，我們現在擁有足夠的重稀土原料，隨著工廠的投產，我們的磁鐵業務將能夠快速擴張。

As we look at the expansion of magnetics beyond our initial Independence capacity, which Jim mentioned in his opening, we believe MP is best positioned to be the refiner of choice for heavy rich feedstocks, particularly as the rare earth market further decouples from China. We have already invested significant capital in this effort, and the vast majority of remaining spend is reflected in our current outlook for this year's capital expenditures net of government grants receivable.

正如 Jim 在開場白中提到的那樣，當我們著眼於磁性材料超出我們最初的獨立產能時，我們相信 MP 最適合成為重質富原料的首選精煉商，特別是在稀土市場進一步與中國脫鉤的情況下。我們已經為此投入了大量資金，剩餘支出的絕大部分都反映在我們對今年扣除政府補助後的資本支出的當前展望中。

With that, let me turn the call over to Michael to go through our operations in a bit more detail. Michael?

說完這些，讓我把電話轉給邁克爾，讓他更詳細地介紹我們的營運狀況。麥可？

Thanks, Ryan. The Materials segment had a good quarter. Upstream concentrate production was strong with improved recovery, solid grade and good uptime. As alluded to in our last call, in January, we were hampered by somewhat poor settling and dewatering of concentrate and tailings that impacted throughput and uptime. This was in the range of normal process variability, though the new Upstream 60K assets somewhat compounded the challenge.

謝謝，瑞安。材料部門本季表現良好。上游精礦產量強勁，回收率、固體品位提高，正常運作時間良好。正如我們上次電話會議中提到的那樣，一月份，我們因精礦和尾礦的沉降和脫水效果不佳而受到影響，影響了產量和正常運行時間。這屬於正常過程變化範圍，儘管新的 Upstream 60K 資產在某種程度上加劇了挑戰。

We have since put the issues behind us. Throughout the quarter, we made further progress in those two previously commissioned Upstream 60K circuits. For the quarter as a whole, both generated positive impact. About 30% of our feed is now passing through the first of these assets, which is generating 65% final grade and high recovery in one pass. The cycling and screening circuit, the newer of the two, has also largely stabilized and is contributing to improved recovery as well.

我們已經把這些問題拋在腦後了。整個季度，我們在先前委託的兩條上行 60K 電路方面取得了進一步的進展。對整個季度而言，兩者都產生了積極影響。目前，我們的大約 30% 的進料都經過了這些資產中的第一個，該資產一次性產生了 65% 的最終品位和高回收率。較新的循環和篩檢循環也已基本穩定，並有助於改善恢復。

Over time, we expect a significant narrowing of our grind distribution and this will contribute to further improvements in mineral recovery and grade. We are working with the vendor of the screens to incorporate screening materials better suited to the fact that our concentrator operates on nearly 100% recycled water. The midstream circuits made significant progress in the quarter.

隨著時間的推移，我們預計研磨分佈將顯著縮小，這將有助於進一步提高礦物回收率和品位。我們正在與篩網供應商合作，採用更適合我們濃縮器使用幾乎 100％ 再生水的篩選材料。中游賽道在本季取得了重大進展。

I am pleased that we were able to sustain stronger uptime while increasing throughput. We did have a couple of short though untimely unplanned maintenance interruptions in two primary circuits that impacted our overall midstream production.

我很高興我們能夠在提高吞吐量的同時維持更長的正常運作時間。我們確實在兩個主要迴路中發生了幾次短暫但不合時宜的計劃外維護中斷，這影響了我們的整體中游生產。

As we progress through our ramp, we expect these types of events to continue, though hopefully, to moderate in their impact and become less frequent. We experienced a similar pattern of issues during the ramp up our upstream business in 2018 through 2019 on the way to achieving 93% or greater uptime and above nameplate throughput every year since.

隨著我們不斷推進，我們預期此類事件將會持續發生，但希望其影響能夠逐漸減弱，發生頻率也降低。我們在 2018 年至 2019 年擴大上游業務的過程中也遇到了類似的問題，此後每年都實現了 93% 或更高的正常運行時間以及超過額定吞吐量。

During the quarter, we achieved more stable roasting performance and improved NdPr yield in leach. We see incremental improvement in Q2 to date. We also implemented adjustments in purification and separation that have begun to help leverage reagent usage per unit of production.

本季度，我們實現了更穩定的焙燒性能並提高了浸出镨釹的產量。到目前為止，我們看到第二季的情況正在逐步改善。我們也在淨化和分離方面實施了調整，這有助於提高單位生產試劑的使用率。

These gains will become more evident in Q2 and beyond. Mechanical issues in product finishing have been a pain point. I will provide more detail in a moment, but we are expecting this to mitigate as we progress through 2025. At our Independence magnetics facility, progress has been outstanding. As Jim mentioned, we began full commercial production of metal and expanded our production capability.

這些收益將在第二季及以後變得更加明顯。產品精加工中的機械問題一直是個痛點。我稍後會提供更多細節，但我們預計隨著 2025 年的到來，這種情況將會減輕。在我們的獨立磁力設施中，進展非常顯著。正如吉姆所提到的，我們開始全面進行金屬商業化生產並擴大了生產能力。

We achieved extended periods of strong production with very high quality. Our teams continue to gain experience in operations and troubleshooting with further progress expected in production yield and conversion rate. The full-scale strip casting equipment is running an increasing number of trial mills.

我們實現了長期的高品質高產量。我們的團隊在營運和故障排除方面不斷累積經驗，預計生產產量和轉換率將取得進一步的進展。全尺寸薄帶連鑄設備正在運作越來越多的試軋機。

Aided by developments in our prototype facility, we are working to improve flake quality and micro structure in advance of additional full-scale equipment installation. In addition, our centering furnaces to support the 1,000 metric ton initial capacity are now installed, commissioned and running test blocks.

借助原型設施的進展，我們正在努力提高薄片的品質和微觀結構，以便安裝更多的全尺寸設備。此外，我們支援 1,000 公噸初始產能的定心爐現已安裝、調試並運行測試區塊。

In our prototype facility, our technical teams are advancing our understanding of desired equipment operating parameters while also producing prototype magnets with GBD for testing. Overall, it's been a whirlwind of activity.

在我們的原型設施中，我們的技術團隊正在加深對所需設備操作參數的理解，同時也生產 GBD 的原型磁鐵以供測試。總體而言，這是一場旋風般的活動。

As pertains to our outlook for Q2, in early April, Mountain Pass executed the first semi-annual outage of 2025. With an expanded team of planners and ever-improving coordination among planning, maintenance projects and operations, this was executed well and in general, the process restarted well.

關於我們對第二季的展望，4 月初，Mountain Pass 進行了 2025 年第一次半年停電。隨著規劃團隊的擴張以及規劃、維護專案和營運之間的協調不斷改善，這項工作執行得很好，總體而言，整個過程重新啟動得非常順利。

During the outage, we addressed an unusual number of equipment installation deficiencies that had held us back in product finishing and had resulted in higher than acceptable ongoing maintenance and operational challenges.

在停機期間，我們解決了大量設備安裝缺陷，這些缺陷阻礙了我們的產品完成，並導致了高於可接受水平的持續維護和營運挑戰。

The scope of the work and necessary de-inventorying and re-inventorying extended the resumption of normal operating cadence after the outage. Since then, we are seeing significant improvement in performance, with several key initiatives that will be addressed later this quarter.

工作範圍以及必要的清點和重新清點延長了停電後恢復正常運作節奏的時間。自那時起，我們看到了業績的顯著改善，並將於本季稍後實施幾項關鍵措施。

In all, despite the extended outage, we believe we will record a slight increase in Q2 NdPr production versus Q1. We then plan for greater sequential progress in Q3. On the last call, I mentioned material handling as one area of focus.

總體而言，儘管停產時間延長，但我們相信第二季镨釹產量將較第一季略有增加。我們計劃在第三季取得更大的連續進展。在上次通話中，我提到物料處理是重點關注的領域之一。

In Q1 and during the April turnaround, we installed several upgrades at modest cost that appear to have made a big difference in these areas, particularly in concentrate roasting and lanthanum finishing. As a result, we have been able to improve throughput and reduce product losses.

在第一季和四月的轉機期間，我們以適中的成本安裝了幾項升級，這些升級似乎對這些領域產生了很大的影響，特別是在精礦焙燒和鑭精加工方面。因此，我們能夠提高產量並減少產品損失。

There are several more material handling improvements planned, particularly in PR&D finishing. As we address one issue, we often expose a new bottleneck. In expectation of an acceleration in progress, we are trying to get ahead of these issues in order to accelerate the trajectory of our ramp.

我們也計劃進行更多材料處理的改進，特別是在 PR&D 精加工方面。當我們解決一個問題時，我們常常會發現一個新的瓶頸。為了加速進程，我們正努力解決這些問題，以加速我們的發展軌跡。

In the Upstream business, in light of the current environment and our decision to halt shipments of concentrate to China, we are slightly adjusting our focus towards increasing concentrate grade and evaluating other means of improving bastnaesite recovery versus the recovery of other rare earth bearing minerals.

在上游業務中，鑑於當前的環境以及我們決定停止向中國運送精礦，我們正在稍微調整重點，以提高精礦品位，並評估提高氟碳鈰礦回收率以及其他含稀土礦物回收率的方法。

We will also be trailing reagents that could improve our recycled water quality and support higher grade. Both of these initiatives may have some short-term impact on operations. Despite this, in Q2, we look forward to significant year over year growth in upstream production on an easy comparison with stable sequential output per operating hour. Similarly, we are not abandoning our efforts to optimize our concentrate production and resource usage.

我們還將追蹤可以改善再生水品質並支援更高等級的試劑。這兩項舉措都可能對營運產生一些短期影響。儘管如此，在第二季度，我們預計上游產量將同比大幅增長，這與每小時穩定的連續產量形成鮮明對比。同樣，我們也不會放棄優化精礦生產和資源利用的努力。

For the Upstream 60K initiative, we will reprioritize certain investments that have ancillary benefit of improving the performance of our midstream operation. This to focuses on concentrate grade as well as the isolation of certain more challenging impurities.

對於上游 60K 計劃，我們將重新確定某些投資的優先順序，這些投資具有改善我們中游營運績效的附帶好處。這主要關注精礦品位以及某些更具挑戰性的雜質的分離。

Overall, our teams at all sites are energized by the opportunity and the interest brought about by the current environment, and I appreciate the hard work and additional sacrifices of many as we work to accelerate our progress.

總體而言，我們所有站點的團隊都因當前環境帶來的機會和興趣而充滿活力，我感謝許多人在我們努力加快進步的過程中所付出的辛勤工作和額外犧牲。

With that, I will turn it back to Jim.

說完這些，我就把話題轉回給吉姆。

Thanks, Michael. Let me summarize things. This past month validated the strategy we have pursued since founding MP, to build a fully integrated rare earth supply chain that supports American industry and security. We delivered record NdPr oxide production, achieved our first on-spec metal production for GM and turned EBITDA positive in our magnetics division, and our ramp is just beginning.

謝謝，麥可。讓我總結一下。過去的一個月驗證了我們自成立 MP 以來一直奉行的戰略，即建立一個支持美國工業和安全的完全一體化的稀土供應鏈。我們實現了創紀錄的镨釹氧化物產量，首次為通用汽車實現了符合規格的金屬生產，並使磁性部門的 EBITDA 實現了正值，而我們的增長才剛剛開始。

We have recent inflection point, geopolitically, commercially and industrially, and MP is now well positioned as the national champion in rare earth magnetics with intensifying engagement from both government and industry and our execution already underway, we are transforming from a producer into a pillar of American industrial resilience.

我們最近在地緣政治、商業和工業方面都經歷了轉折點，隨著政府和工業界的不斷加強參與以及我們的執行工作正在進行中，MP 現已成為稀土磁材料領域的全國領先企業，我們正在從生產商轉變為美國工業復原力的支柱。

With that, let's open the call for questions. Operator?

現在，讓我們開始提問。操作員？

(Operator Instructions)

（操作員指示）

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen。

Thanks, everyone, and I appreciate you guys taking my questions today. Jim, perhaps for you, I think you highlighted just given the backdrop of what's happening now globally. You're talking some more partners out there I'm interested in just some additional details there. You obviously are not short on capital right now.

謝謝大家，我很感謝你們今天回答我的問題。吉姆，也許對你來說，我認為你只是強調了當前全球正在發生的事情的背景。您正在談論更多的合作夥伴，我只是對一些額外的細節感興趣。顯然你現在不缺資金。

When you think about ways that partners might be able to help you accelerate your business or look at other opportunities or shoring up other parts of your supply chain, where do you see sort of the most white space for MP to create value here?

當您考慮合作夥伴如何幫助您加速業務發展或尋找其他機會或鞏固供應鏈的其他部分時，您認為 MP 在哪裡可以創造最大的價值？

Hey David, so hopefully, you appreciated the words breakout from the song.

嘿，大衛，希望你喜歡這首歌中的“breakout”歌詞。

Of course, it's [chic].

當然[別緻]。

Yes. I mean that's really the best way to describe it. This has been, I think, post Liberation Day has been one of the busiest months of all of our lives industry players, government -- we're talking to government on pretty much a daily basis, and it's -- the cutoff this idea that there was a threat that has now been utilized has really changed psychology, I think, from everybody across the board.

是的。我的意思是這確實是描述它的最佳方式。我認為，解放日之後的這個月份是我們所有人一生中最忙碌的月份之一，對於業內人士、政府來說——我們幾乎每天都在與政府溝通——這種認為存在威脅並且現在已經被利用的想法確實改變了人們的心理，我認為，這改變了所有人的心理。

And so I mean, I think there's, frankly, a lot of confusion in the supply chain. I'm -- I mean we'll see what happens in Switzerland this weekend, but there's talk of potential shutdowns. I think you've heard Ford mention rare earth, specifically on their call. Tesla mentioned it.

所以我的意思是，坦白說，我認為供應鏈中存在著許多混亂。我——我的意思是我們將看看本週末瑞士會發生什麼，但有傳言稱可能會關閉。我想你已經聽到福特提到了稀土，特別是在他們的電話會議上。特斯拉提到過這一點。

Pretty much every household name that you could think of in auto, in defense, we've had sort of some contact or another or visits, it's really been quite remarkable, and obviously, sort of validating to the approach that we have the whole time to be vertically integrated and really focused on bringing this capability back.

幾乎每一個你能想到的汽車、國防領域的家喻戶曉的品牌，我們都有過某種程度的接觸或訪問，這確實非常了不起，顯然也驗證了我們一直以來的垂直整合方法，並真正專注於恢復這種能力。

To answer your question specifically, the point I wanted to make on that is that if you look at all of these conversations, the key question is how can you do this faster? How can you accelerate this? Everyone wants us to go faster. And the point that we like to make is that we've invested a lot of capital, and we've taken a lot of risk and now we're in a much better place, I think, thanks to the efforts of MP.

為了具體回答你的問題，我想指出的是，如果你看看所有這些對話，關鍵問題是如何更快地做到這一點？如何加速這一進程？每個人都希望我們能走得更快。我們想說的是，我們已經投入了大量的資金，承擔了很大的風險，現在我們的狀況好多了，我想，這要歸功於 MP 的努力。

And any additional capital that we put to work, I mean, we've always had, as you know, a pretty high threshold for return on capital to kind of put downstream capital to work. But as we do that, particularly to the extent that we were to go faster, we expect scaled commitments and or obviously, there's a variety of ways together with respect to commitments and other capital.

而且，對於我們投入的任何額外資本，我們始終有一個相當高的資本回報門檻，以便將下游資本投入使用。但當我們這樣做時，特別是在我們要加快步伐的範圍內，我們期望有規模化的承諾，或者顯然，在承諾和其他資本方面有各種各樣的方式。

And so the takeaway that I think you should take from that is that, I think that the validation of the supply chain should lead to -- to the extent that we are putting incremental capital to work, the returns are going to be pretty extraordinary, or we're not going to put the capital to work.

因此，我認為你應該從中得出的結論是，我認為供應鏈的驗證應該導致——在我們投入增量資本的範圍內，回報將非常可觀，否則我們就不會投入資本。

So we feel really good. We feel really good about the dialogue. Obviously, we'll just be cautious and thoughtful about what steps we take. And again, we don't want to take on anything that we don't think we can execute. But I will say, again, aside from the firehose aspect of it, it's really exciting.

所以我們感覺非常好。我們對這次對話感到非常滿意。顯然，我們會謹慎並深思熟慮地採取相應措施。再說一次，我們不想承擔任何我們認為自己無法完成的事情。但我要再說一遍，除了消防水管方面以外，它真的很令人興奮。

Absolutely, the historic times. But just as a follow-up, I'd be interested just how you all are thinking about the heavy -- as you pointed out, you want to bring on your own separation circuit next year. How do you think about managing that heavy supply chain vis-a-vis Independence? You obviously successfully sold some magnetic precursor. But how do you think about managing that feed as you move toward permanent magnets towards the end of the year?

絕對是歷史性的時代。但作為後續問題，我很想知道你們對重型設備的看法——正如你所指出的，你想在明年推出自己的分離電路。您如何看待相對於獨立性而言的繁重供應鏈管理？您顯然成功出售了一些磁性前體。但是，當您在今年年底轉向永久磁鐵時，您如何考慮管理該進料？

Yeah, David, it's Ryan. It's a good question. We've talked about, obviously, the precursor sales already beginning and then moving into commercial production at the end of the year. As you can probably see, and obviously, you don't get the detail that I do on the balance sheet, but we've been very thoughtful about this risk for a very long time about the potential for heavy rare earths becoming an issue.

是的，大衛，我是瑞安。這是個好問題。顯然，我們已經討論過前體銷售已經開始，然後在年底進入商業生產。您可能已經看到了，而且顯然您沒有像我一樣了解資產負債表的細節，但是我們長期以來一直在認真考慮重稀土可能成為問題的風險。

And so what I'd say is we got ahead of the issue and we have the relevant amount of material stockpile to supply ourselves for start-up of the independence facility. And then obviously, Michael and his team are executing rapidly to bring our own facility and operations online to be able to produce from the Mountain Pass ore.

所以我想說的是，我們已經解決了這個問題，並且我們擁有足夠數量的材料儲備，可以為獨立設施的啟動提供保障。顯然，邁克爾和他的團隊正在迅速採取行動，使我們自己的設施和營運上線，以便能夠從 Mountain Pass 礦石中進行生產。

I think the other thing that we're seeing, that Jim laid out well, is with the increased focus on the industry, I think a further appreciation for what Mountain Pass brings to the table as a potential refiner of choice globally for other heavy rich feedstocks.

我認為我們看到的另一件事，正如 Jim 所闡述的那樣，隨著對這個行業的關注度不斷提高，我認為人們進一步認識到 Mountain Pass 作為全球其他重質富原料的潛在煉油廠所帶來的優勢。

The fact that we've got the baseline production of the significant ore feed that we've got from our own mine allows us to be probably the most flexible buyer of potential third-party feedstock to refine and bring into the fold in the United States so potentially for ourselves.

事實上，我們已經從自己的礦山獲得了大量礦石原料的基線產量，這使得我們可能是最靈活的潛在第三方原料買家，可以在美國進行提煉並將其納入我們的市場，從而有可能為我們自己帶來利益。

And the other part of this that you hear a lot of sort of pinpoint solutions to some of these problems. But I think the great thing about our integrated strategy also is the ability to recycle. And so with Independence and with incremental focus on this industry, we believe recycling is another pretty significant potential source of incremental heavy feedstock. And so suffice to say, we feel good about where we're positioned right now and where that could lead us for the future of Independence.

另一方面，您會聽到很多針對這些問題的精確解決方案。但我認為我們的綜合策略的優點還在於回收能力。因此，隨著獨立和對該行業的日益關注，我們相信回收利用是增量重質原料的另一個相當重要的潛在來源。因此可以說，我們對目前的處境以及這將為獨立的未來帶來什麼感到滿意。

Thanks, Ryan. Thanks guys.

謝謝，瑞安。謝謝大家。

Thanks, David.

謝謝，大衛。

Bill Peterson, JP Morgan.

摩根大通的比爾彼得森。

Yeah, hi, good afternoon. Thanks for taking the questions and for providing all the details. I wanted to ask about Stage 2 and your ability to push more product in there, recognizing Michael provided a lot of color on the efforts you're making to improve efficiencies and throughput and so forth.

是的，你好，下午好。感謝您回答問題並提供所有詳細資訊。我想詢問有關第二階段以及您在該階段推出更多產品的能力，並認識到邁克爾為您為提高效率和產量等所做的努力提供了許多見解。

But how should we think about your production and sales volume in the second quarter and into the back half of the year? Just basically in what areas you've been able to kind of increase your throughput utilization?

但是對於你們第二季以及下半年的產銷量，我們該如何看待呢？基本上，您在哪些方面能夠提高吞吐量利用率？

Thanks, Bill. As mentioned, we are targeting to increase production in Q2 versus Q1 despite the outage and some other events. And then we'd expect further growth in Q3 without having a scheduled outage. But beyond that, for the foreseeable future, I'd like to suggest that the trajectory of growth should at least proceed along the lines that we've seen historically.

謝謝，比爾。如上所述，儘管發生了停電和其他一些事件，我們仍計劃在第二季的基礎上提高產量。然後我們預計第三季將進一步成長，並且不會出現計劃內停駛。但除此之外，在可預見的未來，我想建議成長軌跡至少應該沿著我們歷史上看到的路線前進。

Unfortunately, anything could happen any day. So it's hard to give a longer-term prediction, but we're really optimistic that the process is working, the chemistry is working and it's just a matter of execution and working through the issues towards reaching our ultimate targets.

不幸的是，任何事情都可能隨時發生。因此很難做出長期預測，但我們非常樂觀地認為，這個過程正在發揮作用，化學反應正在發揮作用，這只是一個執行的問題，需要透過解決問題來實現我們的最終目標。

Yeah, thanks for that. And this is somewhat of an industry question, but also I think it is a part of your development efforts. But what are your thoughts on thrifting or limiting or eliminating the use of heavies? Maybe how should we think about content and maybe the vehicles today versus robotics and other areas? Just kind of what are your expectations about lowering the content. And what are you doing specifically in terms of kind of thrifting within your own development efforts?

是的，謝謝。這在某種程度上是一個行業問題，但我認為這也是你們開發努力的一部分。但是，您對節儉、限製或消除重型物品的使用有何看法？也許我們應該如何看待內容以及當今的車輛與機器人和其他領域的關係？您對降低內容有什麼期望？那麼，在您自己的開發工作中，您在節儉方面具體做了哪些工作？

Yeah. Thanks, Bill, and this is Jim. That's obviously been a topic that we've had since the very beginning since we built the magnetics business. We have over 100 people in the magnetics business today. You've seen that facility. We have 40 engineers. And really from day one, we've had a team working on formulations, IP, thinking about how we get to where we want to get.

是的。謝謝，比爾，這是吉姆。顯然，自從我們建立磁性材料業務以來，這一直是我們討論的話題。目前，我們從事磁性材料業務的員工超過 100 人。您已經見過該設施。我們有 40 位工程師。從第一天起，我們就有一個團隊致力於配方、智慧財產權，思考如何實現我們想要的目標。

And obviously, we're now making auto-grade magnets, which are the hardest ones to make. And so suffice to say that I think we've generated a central repository of some pretty extraordinary IP and knowledge. And you can imagine that quite a bit of that focus is on the concept of thrifting and reduction.

顯然，我們現在正在製造汽車級磁鐵，這是最難製造的。因此，我認為我們已經創建了一個包含一些非常出色的 IP 和知識的中央儲存庫。你可以想像，相當一部分焦點都集中在節儉和減少的概念上。

And obviously, depending on the use case, the heavies can be less or more in the case of, say, robotics and drones, it might be less than, say, auto. The last thing I would say, and touching upon something Ryan mentioned at the end of what he said, that does sort of tie into this whole issue of material is just the inherent advantage that we have with the ability to have the vertically integrated assets and recycling.

顯然，根據使用情況，重量可能更少或更多，例如在機器人和無人機的情況下，它可能比汽車少。我要說的最後一件事，也是瑞安在最後提到的一點，確實與整個材料問題有某種聯繫，那就是我們擁有垂直整合資產和回收能力的固有優勢。

And so the fact that we can take swarf and obviously, eventually, when we're fully normalized, we've got a lot to do to kind of ramp everything up. But the fact that we have the ability to input material back into our process is an enormous advantage.

因此，事實上我們可以採取切屑，顯然，最終，當我們完全正常化時，我們還有很多工作要做，以使一切順利進行。但事實上，我們有能力將材料重新輸入到我們的流程中，這是一個巨大的優勢。

I mean, particularly now, I think when with this issue being so topical rare earth magnetics. And I think you see probably a number of upstarts out there trying to form capital. And we wish them all well. We hope a number are successful.

我的意思是，特別是現在，我認為這個問題與稀土磁學如此相關。我認為你可能看到許多新貴正在試圖累積資本。我們祝福他們一切順利。我們希望其中一些能夠成功。

But I have to say I find it really difficult to see how a stand-alone producer can succeed relative to somebody who's vertically integrated when you think about in the case of typical auto application, you may have 20% or 30% of the material in the finishing process is cut and sometimes in the case of consumer electronics like a smartphone, it could be more than half of the material falls off the production line as you're finishing it or somewhere in the process.

但我必須說，我很難想像一個獨立的生產商相對於垂直整合的生產商如何能夠取得成功，當你想到典型的汽車應用時，你可能有 20% 或 30% 的材料在精加工過程中被切割，有時在智能手機等消費電子產品的情況下，可能有超過一半的材料在你完成它時或在生產線中掉下來的某個地方從生產線中掉下來。

And so our ability to kind of think holistically about the business, the use of material from -- one from an IP heavy standpoint all the way downstream, but all the way really from the resource through downstream and figure out how to maximize throughout the process.

因此，我們能夠從整體上思考業務、材料的使用——首先從 IP 密集的角度一直到下游，但實際上是從資源到下游，並找出如何在整個過程中最大化。

We think it's just an inherent advantage to our vertical integration that, again, allows us to be hopefully, over time, substantially low cost than anybody else, but frankly, able to survive in a very competitive landscape where others are just sort of structurally uneconomic.

我們認為這只是我們垂直整合的一個固有優勢，隨著時間的推移，我們希望我們的成本比其他任何人都低得多，但坦白說，能夠在競爭激烈的環境中生存下來，而其他公司在結構上是不經濟的。

Yeah. Thanks, Jim and Michael for sharing insights and good luck navigating the fast and furious environment.

是的。感謝 Jim 和 Michael 分享見解，祝福他們在快速而激烈的環境中順利前進。

Thanks, Bill.

謝謝，比爾。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

So good afternoon. Could you touch on two things. One is your working capital needs for the balance of the year and as you ramp up and how that ties into your views on what is an appropriate minimum cash balance in this environment?

午安.能談談兩件事嗎？一個是您今年剩餘時間和隨著業務的增長的營運資金需求，以及這與您對這種環境下適當的最低現金餘額的看法有何關聯？

And second is, have you had any -- are you seeing any real shift in automaker discussions in terms of somebody else sort of coming in to help you scale up? And is your priority negotiations, your overall return on capital? Is it to get capital to help fund a ramp? Can you just give us a sense for what your relative priorities might be?

第二，您是否看到汽車製造商討論中出現任何真正的轉變，即有人來幫助您擴大規模？您的優先談判和整體資本報酬率是多少？是為了獲得資金來資助建造坡道嗎？您能否告訴我們您的相對優先事項是什麼？

Hey Laurence, it's Ryan. I think an important thing to keep in mind in terms of where we sit today in our growth plan and from a balance sheet perspective is if you look at sort of the state of our various growth projects we're really entering the harvesting mode of what has been a pretty significant amount of investment over the last several years.

嘿，勞倫斯，我是瑞安。我認為，就我們目前的成長計畫而言，從資產負債表的角度來看，需要牢記的一件重要事情是，如果你看一下我們各種成長項目的狀況，我們實際上正在進入收穫模式，過去幾年我們已經投入了相當多的資金。

And so with that and with the fact that we are accelerating pretty rapidly, as Michael touched on, our midstream production, our sales of concentrate, which I'm sure is where this question is coming from, from a working capital perspective, we're always going to be a smaller and smaller part of the business.

因此，鑑於這一點，而且正如邁克爾所提到的那樣，我們正在迅速加速我們的中游生產、我們的精礦銷售，我相信這就是這個問題的來源，從營運資本的角度來看，我們在業務中所佔的比例將越來越小。

And I think it's easy enough for everyone to sort of model out our cost of production there and assume we don't sell any con until we're fully ramped, I mean this is a pretty small working capital use that we view really as that and as something that was sort of an inevitability as we continue to scale the business.

我認為每個人都可以輕鬆模擬我們的生產成本，並假設我們在完全投入生產之前不會出售任何產品，我的意思是，這只是一個很小的營運資金使用，我們確實將其視為如此，而且隨著我們繼續擴大業務規模，這在某種程度上是不可避免的。

And so given the state of our balance sheet, which remains incredibly strong, we're not thinking remotely in terms of minimum cash. I think we have ample cash on the balance sheet, which would be further supported by some of the things I laid out in my prepared remarks regarding prepayments from our foundational customer as well as another $50 million coming from our tax credits from 2024, which we expect to continue to be a source of cash on a go-forward basis. So we continue to feel very comfortable from that perspective.

因此，考慮到我們的資產負債表狀況仍然非常強勁，我們根本不考慮最低現金。我認為我們的資產負債表上有充足的現金，我在準備好的評論中列出的一些內容將進一步支持這一點，這些內容涉及我們的基礎客戶的預付款以及來自 2024 年的另外 5000 萬美元的稅收抵免，我們預計這將繼續成為未來的現金來源。因此從這個角度來看，我們仍然感到非常舒適。

As it relates to your second question on what is our priority every single deal is different. The analogy of drinking from a firehose, I think, was a pretty apt one that you mentioned, the desire from a pretty wide swarf of names you would know, that want to see us in production yesterday from a magnetics perspective is pretty large. And so every single deal is different.

至於您的第二個問題，我們的優先事項是什麼，每筆交易都是不同的。我認為，您提到的用消防水龍帶喝水的比喻非常恰當，您知道，從磁學角度來看，來自相當多的人希望看到我們昨天投入生產的願望是相當強烈的。所以每筆交易都是不同的。

I think what we're prioritizing is capitalizing on what feels like a real sort of generational opportunity to make this business many multiples of its current size. And so that may come in various forms. And I think how Jim laid it out in terms of we've done the hard work already. There's a lot more hard work to come. But I think the amount of capital that we've put to work, we expect to see pretty significant commitments from industry and or government alongside us to continue to accelerate this.

我認為我們的首要任務是利用這種真正的世代機遇，使這項業務的規模擴大數倍。這可能以多種形式出現。我認為吉姆所說的「我們已經完成了艱苦的工作」。還有很多艱苦的工作要做。但我認為，考慮到我們投入的資金數量，我們預計產業和/或政府將與我們一起做出相當大的承諾，以繼續加速這一進程。

Yeah. And I'll just touch on that. I referenced this in one of the earlier questions, but I just want to make sure people understand this point. As we think about what's happening in the trade war. Obviously, there's sort of tariffs, both ways, but there -- as it stands right now, and of course, this could all change tomorrow, but they're pretty much going back to beginning in April, rare earth magnets are not leaving China.

是的。我只想談一下這一點。我在之前的一個問題中提到過這一點，但我只是想確保人們理解這一點。當我們思考貿易戰中正在發生的事情。顯然，這兩種方式都存在關稅，但就目前的情況而言，當然，這一切明天都可能發生變化，但它們基本上會回到 4 月開始的狀態，稀土磁鐵不會離開中國。

This is an enormous source of leverage against our government. And so this is a key national security industry. And so irrespective of which way this goes, and obviously, we hope that the world evolves in a thoughtful, constructive way. That's great for America and good for everyone. But regardless of how this goes, this is a point that can no longer be on the table.

這是對抗我們政府的巨大籌碼。因此，這是一個重要的國家安全產業。因此，無論結果如何，我們顯然都希望世界能朝著深思熟慮、建設性的方向發展。這對美國來說是一件好事，對每個人都有好處。但無論結果如何，這一點都不能再被擱置。

I think there's a -- and again, we speak to the government pretty much on a daily basis. And I think there is widespread recognition that this issue must be taken off the table going forward.

我認為──我們幾乎每天都會與政府溝通。我認為人們普遍認識到今後必須不再討論這個問題。

And so the scale of what needs to happen is pretty remarkable, and we are the national champion here. I mean we are -- thanks to us we are years and billions ahead. And the question is just how we can sort of lead that effort and to do something like that, our expectation is that it should be rewarding for our shareholders.

因此，需要發生的事情的規模是相當驚人的，而我們是這個領域的全國冠軍。我的意思是，多虧了我們，我們領先了數年甚至數十億。問題只是我們如何引領這項努力，並做這樣的事情，我們期望它應該為我們的股東帶來回報。

Thank you.

謝謝。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾、地方檢察官戴維森。

Yeah, excuse me, thank you. I wanted to just -- putting aside for a second, help you might get from industry or government, are you running -- I want to make sure I understand this, are you running a different Stage 2 playbook today or different magnetics ramp playbook today in order to -- as you put it in your press release from a couple of weeks ago, accelerate that Stage 2 capacity -- or that Stage 2 ramp and fast-track magnets? I guess I'm trying to understand is the operational playbook evolved in the last month?

是的，不好意思，謝謝。我只是想——暫且不論您可能從行業或政府獲得的幫助，您是否正在運行——我想確保我理解這一點，您今天是否正在運行不同的第 2 階段劇本或不同的磁力坡道劇本，以便——正如您在幾週前的新聞稿中所說的那樣，加速第 2 階段的產能——或第 2 階段的坡道和快速通道磁鐵？我想了解的是上個月的作戰手冊是否有改進？

This is Michael. I would say, in general, we've been trying to ramp as quickly as possible. At the margin, however, with what's going on, we are refocusing all of the operations to maximize and optimize the ability to ramp the midstream assets. So at the margin, focusing on our concentrate production that best supports the midstream operation.

這是邁克爾。我想說，總的來說，我們一直在努力盡快提高速度。然而，從邊際來看，隨著情勢的發展，我們正在重新調整所有營運的重點，以最大限度地提高和優化提升中游資產的能力。因此，從邊際上來說，我們專注於最能支援中游運作的精礦生產。

But in general, basically the same -- for the magnetics business, I think it's business as usual, although thinking more about what ways we can leverage existing capacity or think about how capacity expansion might look as we talked about within the existing footprint or outside of it.

但總的來說，對於磁性材料業務來說，基本上是一樣的，我認為一切照常，儘管我們更多地考慮如何利用現有產能，或者考慮產能擴張在現有業務範圍內或範圍外會是什麼樣子。

Thanks. And then I just -- I want to be clear relative to a prior question on the heavy side of things. Is there a certain intersection, if you will, that you have to get to between how the magnetics facility ramps and how your Stage 2 separation -- or excuse me, your heavy separation operation ramps such that you can remain sort of self-sufficient for somewhat of an extended period of time? Or are you out kind of actively stopping and actively looking to stockpile either spent magnets or other third-party feedstock?

謝謝。然後我只是——我想就事情的沉重方面，就先前的問題做出更清晰的回答。如果您願意的話，磁力設施的提升方式和第二階段分離（或不好意思，重型分離操作的提升方式）之間是否存在某種交集，以便您能夠在較長一段時間內保持自給自足？或者您正在積極停止並積極尋求儲存廢磁鐵或其他第三方原料？

Because I mean to Jim's point earlier, if the magnets aren't leaving China, I imagine there's probably not a lot of heavy rare earth refined -- refined heavy maybe in China either, although I could be mistaken.

因為我的意思是，正如吉姆之前所說，如果磁鐵不離開中國，我想中國可能也不會有大量的重稀土精煉 - 也可能沒有，儘管我可能錯了。

Yeah, Matt, it's Ryan. To clarify, we are in a position to be self-sufficient as it stands. We've gotten ahead of this issue and have the required feedstock and required end products from a heavy rare earth perspective to continue to scale, Independence on the schedule that we've anticipated.

是的，馬特，我是瑞安。需要澄清的是，就目前情況而言，我們已經能夠自給自足。我們已經解決了這個問題，從重稀土的角度來看，我們已經擁有了所需的原料和最終產品，可以繼續擴大規模，並按照我們預期的時間表獨立生產。

Got it. Thanks for the clarification.

知道了。感謝您的澄清。

Thanks, Matt.

謝謝，馬特。

Benjamin Kallo, Baird.

班傑明卡洛，貝爾德。

Hey guys, thanks for taking my question. How do you guys think about just the time lines? I know you're prioritizing the government industry, lots of different options. But how fast do you think some of this stuff moves? And I think that someone asked it earlier, just where, I guess, Stage 1, 2 or 3, do you think that you would -- if you had an investment or a partnership or that will occur? And then I have a follow-up.

嘿夥計們，謝謝你們回答我的問題。你們對於時間軸有什麼看法？我知道您優先考慮政府行業，並且有很多不同的選擇。但是您認為這些東西移動的速度有多快？我認為之前有人問過這個問題，我想，您認為在第一階段、第二階段或第三階段中，您會怎麼做——如果您進行了投資或建立了合作關係，或者會發生這種情況？然後我有一個後續問題。

Hey Ben, it's Ryan. I think to your last part of the question, where do we see opportunity? I think what we've seen in this environment over the last month or so, has been incredibly validating of the vertical integration strategy that we pursued over the last several years, right? It's important for us to continue to support the diverse magnetics industry, both in the United States and globally. But really, what we are seeing a massive acceleration and interest in is having magnetics true magnet capacity in the United States at scale.

嘿，本，我是瑞安。我認為你問題的最後一部分是，我們在哪裡看到機會？我認為，過去一個月左右我們在這種環境中看到的情況，大大驗證了我們過去幾年所推行的垂直整合策略，對嗎？對我們來說，繼續支持美國和全球的多元化磁性材料產業非常重要。但實際上，我們看到了巨大的加速和興趣，這是美國磁鐵真正容量的大規模增長。

It's something that we have always said is an imperative for industry and imperative for national security, and so the level of interest there is like, frankly, nothing I've ever seen before. So we will continue to be extremely thoughtful there on how and when it's very hard to give you a perfect time line. But for context, magnetics was an idea on a piece of paper in 2020. We made our first hire in 2021. We broke ground on a state-of-the-art facility in 2022.

我們一直說這是工業界和國家安全的當務之急，因此坦白說，我從未見過如此高的興趣。因此，我們將繼續非常認真地考慮如何以及何時給您一個完美的時間表。但就背景而言，磁學在 2020 年還只是紙上談兵的想法。我們於 2021 年進行了首次招募。我們於 2022 年開始建造一座最先進的設施。

And here we are in May of 2025 when we have an EBITDA positive business. So from that perspective, I think we've got a pretty good track record of going fast when we're going greenfield. And certainly, there are probably a lot of opportunities to do brownfield and do other things of that sort.

到 2025 年 5 月，我們的 EBITDA 業務將呈現正成長。因此從這個角度來看，我認為我們在綠地開發方面有著相當良好的快速發展記錄。當然，可能有很多機會進行棕地改造和做其他類似的事情。

So it really depends on the opportunity. We see a lot of opportunities. And so it's sort of an unsatisfying answer in the sense that I can't give you something specific, but we're very, very excited about the activity that we see.

所以這確實取決於機會。我們看到了很多機會。因此，這是一個不太令人滿意的答案，因為我無法給你一些具體的東西，但我們對所看到的活動感到非常非常興奮。

Throughout earnings season, there's some companies that are kind of assuming the trade war deescalates, -- and I think, Jim, you kind of alluded to this. Do you think that you lose momentum if that occurs? Or is it because this happened that this is going to stay fresh in everyone's memory and the momentum continues for you guys?

在整個財報季，有些公司都認為貿易戰會緩和——我想，吉姆，你提到了這一點。如果發生這種情況，您是否認為您會失去動力？還是因為這件事情會留在每個人的記憶中並且你們的勢頭會繼續下去？

Sure. It's a great question. Well, first, let's start with if it doesn't de-escalate, I would not be shocked if we see factory shutdowns next month, whether it's aerospace or auto or consumer products, you'd be amazed at how many different things have magnets in them. You'd be amazed at how many producers out there have suppliers that they didn't realize had magnets in their product. And so it is a big issue.

當然。這是一個很好的問題。好吧，首先，如果情況沒有緩和，我不會對下個月看到工廠關閉感到震驚，無論是航空航天、汽車還是消費產品，你都會驚訝地發現有多少不同的東西裡面都有磁鐵。您會驚訝地發現，有多少生產商的供應商並沒有意識到他們的產品中含有磁鐵。所以這是一個大問題。

To the extent that there's a deal this weekend and everything is calm, my guess would be that you're going to see a variety of reactions. There's -- I think it's fair to say that most parties are in crisis mode right now because it's a crisis.

如果本週末達成協議並且一切平靜，我猜你會看到各種各樣的反應。我認為可以公平地說，大多數政黨現在都處於危機模式，因為這是一場危機。

There's probably some that will relax and not learn the lesson the second time around, so to speak. There are some that will have learned a lesson this time, and there are some that will be in crisis mode still because they'll recognize. So I think it will be a mix.

有些人可能會放鬆警惕，第二次就不會學到教訓了。有些人這次會學到教訓，而有些人仍然會處於危機模式，因為他們會意識到這一點。所以我認為這將是一個混合體。

But I can tell you without any reservation, it is very clear that physical AI is the future of warfare, drones, robotics, those kinds of things. And it is very clear that United States government, and obviously, I don't speak for them, but my impression from conversations with them and the Department of Defense, et cetera, is that there's a full on recognition that we can't be reliant on Chinese magnetics for national security purposes.

但我可以毫無保留地告訴你，很明顯物理人工智慧是戰爭、無人機、機器人等事物的未來。很明顯，美國政府——顯然我不是他們的代言人——但從我與他們以及國防部等部門的談話中得到的印像是，他們完全意識到我們不能依賴中國的磁力來保障國家安全。

And in particular, I would say, the defense tech space. How does an exciting defense tech start-up or prime or whatever, no longer answer the question of where their supply chain comes from? For this exact reason. So I don't know to what extent memories will get short if there's a deal next week, so to speak. But there will be enough for us to do that it won't matter.

我想特別說的是國防科技領域。令人興奮的國防科技新創公司或主要企業或其他公司怎麼不再回答他們的供應鏈來自哪裡的問題呢？正是因為這個原因。所以，我不知道如果下週達成協議，記憶會在多大程度上變得短暫。但對我們來說，已經足夠了，所以這並不重要。

Thank you guys.

謝謝你們。

Corinne Blanchard, Deutsche Bank.

科琳‧布蘭查德，德意志銀行。

Hey, good evening, Jim. Thanks for taking my question. I am going to ask the obvious question, but I really want to understand what's your strategy in terms of the shipments that are not going anymore to China. And I think the question is probably like a [folded chic] question here, but how long can you go without the shipment coming out?

嘿，晚上好，吉姆。感謝您回答我的問題。我要問一個顯而易見的問題，但我確實想了解你們對不再運往中國的貨物採取什麼策略。我認為這個問題可能就像一個[折疊別緻]問題，但是如果不發貨，您可以堅持多久？

What's your view of stockpiling production if in three to six months, we're still in the same situation? So just trying to understand, I would say the key take inputs here and how that going -- that could impact your EBITDA and just your strategy on six to nine months?

如果三到六個月後我們仍然處於同樣的情況，您對囤積生產有何看法？所以只是想理解，我想說的是這裡的關鍵投入以及其進展如何——這可能會影響您的 EBITDA 以及您六到九個月的策略？

So Corinne, in the beginning, you cut in and out there like Spies Like Us if you've ever seen that scene with Chevy Chase. But I think you want to -- you -- stockpile?

科琳，一開始，你就像《我們這樣的間諜》裡那樣時斷時續，如果你看過切維·蔡斯的那個場景的話。但我認為你想——你——囤積？

Yeah, I can jump in. It's Ryan. I think I got the full question and jump in, Corinne, if I missed parts. But I think the important thing to keep in mind is if you think about how low cost we are from a cost of production perspective for concentrate.

是的，我可以跳進去。我是瑞安。科琳，我想我已經了解了全部問題，如果我遺漏了部分內容，請立即回答。但我認為要記住的重要一點是，如果你從濃縮物生產成本的角度考慮我們的成本有多低。

Stockpiling a half a year of concentrate production, as an example, is like low tens of millions of dollars of working capital, which given the scale of the cash on our balance sheet, is not something that we lose a ton of sleep over.

例如，儲存半年的精礦產量相當於數千萬美元的營運資金，考慮到我們資產負債表上的現金規模，這並不是什麼需要我們夜不能寐的事情。

I think the reality has always been that the sales of concentrate were always declining and rapidly declining the better we do on midstream ramp. And the important thing as well is having that concentrate in inventory, the profit is deferred, but it's not lost. We will take that product and we will refine it over time.

我認為現實情況一直是，精礦的銷量一直在下降，而且隨著我們在中游坡道上做得越好，銷量下降得越快。同樣重要的是，將資金集中在庫存中，利潤雖然被推遲，但並沒有損失。我們將採用該產品並隨著時間的推移對其進行改進。

And I actually think that having some level of con inventory is actually advantageous for a variety of reasons that we're happy to get into. But from that perspective, it's something that we've got the land at Mountain Pass, you have been out there. You've seen the scale of the site. There's plenty of room to store con.

事實上，我認為擁有一定程度的庫存實際上是有利的，原因有很多，我們很樂意討論這個問題。但從這個角度來看，我們在山口擁有土地，你已經去過那裡了。您已經看到了該站點的規模。有足夠的空間來存放物品。

And so I think Jim laid out what our strategy is going to be and so this has sort of always been in some ways, an eventuality, this is a little bit of an unexpected term, perhaps, but one that we've actually prepared for in many, many ways.

所以我認為吉姆闡述了我們的策略，所以從某種程度上來說，這一直是一種必然結果，也許這是一個有點出乎意料的術語，但我們實際上已經在很多方面為此做好了準備。

Did we lose you, Corinne? I think we lost her, operator. Okay, thanks.

我們失去你了嗎，科琳？我想我們失去她了，接線生。好的，謝謝。

Hey I am back. I don't know if you have one more minute?

嘿，我回來了。我不知道你還有沒有時間？

Sure.

當然。

I think they have put me on mute. But I just want to understand, so outside of your production, how much is non-China, I think that's what investors are trying to understand?

我想他們把我靜音了。但我只是想了解一下，除了你們的生產之外，還有多少是非中國生產的，我想這正是投資人想要了解的？

All of it, Corinne. We're not sending anything to China right now.

全部都是，科琳。我們目前沒有向中國發送任何東西。

And you have the demand for all that production ex-China?

您對中國以外的所有產品都有需求嗎？

Correct. And given what we've seen in the last several weeks, we are incredibly optimistic about the ex-China supply chain.

正確的。鑑於過去幾週看到的情況，我們對中國以外的供應鏈非常樂觀。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

That concludes the question-and-answer portion of today's call. I will now hand the call back to Mr. Litinsky for closing remarks.

今天電話會議的問答部分到此結束。現在我將把發言權交還給利廷斯基先生，請他作最後發言。

Okay. All right. Well, thank you, everyone. Obviously, it was a very exciting quarter for us. execution-wise across the board. And I think geopolitics kept us a little busy in May for some time. So we will get back to work and see you all soon. Thanks.

好的。好的。好的，謝謝大家。顯然，對我們來說這是一個非常令人興奮的季度，從執行角度來看，一切都很順利。我認為地緣政治讓我們在五月有一段時間比較忙碌。所以我們將回去工作並很快與大家見面。謝謝。