Livent Releases Fourth Quarter And Full Year 2019 Results

PHILADELPHIA, Feb. 20, 2020 /PRNewswire/ -- Livent Corporation (NYSE: LTHM) today reported results for the fourth quarter and full-year 2019.

For the year, Livent reported revenue of $388 million. On a GAAP basis, the company reported full-year net income of $50 million, or 34 cents per diluted share. Full-year Adjusted EBITDA was $100 million and adjusted earnings per share were 42 cents per diluted share.

Fourth quarter 2019 revenue was $78 million. GAAP net income was $0 million, or 0 cents per diluted share. Fourth quarter 2019 Adjusted EBITDA was $16 million and adjusted earnings per share were 5 cents per diluted share.

As previously disclosed, fourth quarter and full year 2019 results reflected declining prices throughout the year, primarily due to industry supply additions outpacing demand growth. Additionally, in the fourth quarter certain orders that were delayed into 2020 by customers and Livent's decision to carry hydroxide inventory to meet higher customer commitments in 2020 resulted in lower volumes compared to the prior year.

Guidance and Outlook( (1))

For full-year 2020, Livent expects revenue to be in the range of $375 million to $425 million, Adjusted EBITDA to range from $60 million to $85 million and adjusted earnings per diluted share to be between 18 and 31 cents. This guidance is based on the Company's expected volume growth, on a total LCE basis, of roughly 30% versus 2019. Offsetting this volume increase is Livent's view that market pricing will continue to remain depressed, and as a result, expects that its average realized pricing for lithium hydroxide in 2020 will be low-to-mid-teens percent lower than its average realized pricing in 2019. Additionally, Livent anticipates higher costs from using up to 5,000 tons of additional third-party lithium carbonate to sell higher volumes of battery-grade lithium hydroxide. These two items are the largest drivers of Livent's expectation of lower year-on-year profitability in 2020.

Livent also announced that it is slowing the pace of its carbonate expansion in Argentina by approximately six months, resulting in phase 1 completion in mid-2021. Also, the Company will be pausing its current lithium hydroxide expansion project in order to align its completion with that of phase 1 in Argentina.

"Despite another record year of lithium compound demand, pricing has been severely impacted by oversupply conditions. Lithium producers and resource developers are responding to this by reducing output and delaying or canceling capacity expansion projects," said Paul Graves, president and chief executive officer of Livent. "We recognize the financial challenges current pricing levels are creating, and as a result, have elected to slow down our own capacity expansion program in order to preserve our financial flexibility and align our additional supply with future demand growth."

"While the battery producer and OEM supply chains continue to evolve, the fundamentals driving automotive electrification remain strong," continued Mr. Graves. "The low-cost and sustainable nature of our brine-based operations, our partnerships with leading battery producers and automotive OEMs, and our continued investment in developing next generation engineered lithium products are key differentiators that position Livent for future growth."

The table below provides additional estimates for select financial items:


                                                  Full-Year 2020




     ?  Adjusted tax rate                      
            21 - 25 
     percent


      ?  Full-year weighted average diluted
       shares outstanding                        
            ~146.7 
     million



     ?  Depreciation & amortization          
            $22 - $28 
     million



     ?  Adjusted cash from operations        
            $75 - $95 
     million


      ?  Capital expenditures and other
       investing activities                 
            $200 - $230 
     million

Supplemental Information

In this press release, Livent uses the financial measures adjusted earnings per diluted share, Adjusted EBITDA, adjusted tax rate, and adjusted cash from operations. These terms are not calculated in accordance with generally accepted accounting principles (GAAP). Livent has posted supplemental information on the web at www.livent.com, including reconciliations of non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP. Such reconciliations are also set forth in the financial tables that accompany this press release.

About Livent

For more than six decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent employs approximately 800 people throughout the world and operates manufacturing sites in the United States, England, India, China and Argentina. For more information, visit Livent.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this news release are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about Livent, may include projections of Livent's future financial performance, Livent's anticipated growth strategies and anticipated trends in Livent's business. These statements are only predictions based on Livent's current expectations and projections about future events. There are important factors that could cause Livent's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including a decline in the growth in demand for electric vehicles; adverse global economic conditions; the success of Livent's research and development efforts; volatility in the price for performance lithium compounds; risks relating to Livent's planned production expansion and related capital expenditures; reduced customer demand, or delays in growth of customer demand, for higher performance lithium compounds, the potential development and adoption of battery technologies that do not rely on performance lithium compounds as an input; risks inherent in international operations and sales, including political, financial and operational risks specific to Argentina, China and other countries where Livent has active operations; customer concentration and the possible loss of, or significant reduction in orders from, large customers; failure to satisfy customer quality standards; fluctuations in the price of energy and certain raw materials; failure to achieve the expected benefits of Livent's separation from FMC as well as the other factors described under the caption entitled "Risk Factors" in Livent's 2018 Form 10-K filed with the Securities and Exchange Commission on February 28, 2019, and subsequent Forms 10-Q filed with the Securities and Exchange Commission. Although Livent believes the expectations reflected in the forward-looking statements are reasonable, Livent cannot guarantee future results, level of activity, performance or achievements. Moreover, neither Livent nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Livent is under no duty to update any of these forward-looking statements after the date of this news release to conform its prior statements to actual results or revised expectations.

    1. Although we provide forecasts for adjusted earnings per diluted share,
       Adjusted EBITDA, adjusted tax rate, and adjusted cash from operations, we
       are not able to forecast the most directly comparable measures calculated
       and presented in accordance with GAAP.  Certain elements of the
       composition of the GAAP amounts are not predictable, making it
       impractical for us to forecast such GAAP measures or to reconcile
       corresponding non-GAAP financial measures to such GAAP measures without
       unreasonable efforts. For the same reason, we are unable to address the
       probable significance of the unavailable information. Such elements
       include, but are not limited to, restructuring, transaction related
       charges, and related cash activity.  As a result, no GAAP outlook is
       provided.

# # #


                                                                                             
          
              
                  LIVENT CORPORATION

                                                                                                                  ---

                                                                                  
         
             
               CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

                                                                                                                  ---

                                                                                      
             
           (Unaudited, in millions, except per share data)




                                                                                                         Three Months Ended                                        Twelve Months Ended


                                                                                                            December 31,                                               December 31,


                                                                                         2019                                    2018                      2019                          2018

                                                                                                                                                                                       ---


              
                Revenue                                                                     $
              78.4                                             $
              119.8            $
       388.4       $
      442.5



              
                Costs of sales                                               58.3                                                69.0                                      273.5            236.2



              
                Gross margin                                                 20.1                                                50.8                                      114.9            206.3




              Selling, general and administrative expenses                              11.3                                                 8.4                                       40.5             21.1



              Corporate allocations                                                        -                                                                                                         15.7



              Research and development expenses                                          0.8                                                 0.9                                        3.3              3.8



              Restructuring and other charges                                            1.4                                               (0.1)                                       6.2              2.6



              Separation-related costs                                                   0.9                                                 6.9                                        6.3              9.3




              
                Total costs and expenses                                     72.7                                                85.1                                      329.8            288.7




              Income from operations before equity in net loss of unconsolidated         5.7                                                34.7                                       58.6            153.8
    affiliate, non-operating pension benefit, interest expense, net and
    income taxes



              Equity in net loss of unconsolidated affiliate                             0.8                                                                                           0.8



              Non-operating pension benefit                                                -                                                                                                        (0.2)



              Interest expense, net                                                        -                                                0.3                                                        0.3



              
                Income from operations before income taxes                    4.9                                                34.4                                       57.8            153.7



              Income tax expense                                                         5.1                                                 8.0                                        7.6             27.1



              
                Net (loss)/income                                                  $
         
                (0.2)                                        $
      
                26.4         $
     
         50.2   $
     
        126.6




              
                Basic earnings per common share:



                Basic earnings per common share                                    
           $                                                                        $
              0.19             $
       0.34        $
      0.99



              Weighted average number of common shares outstanding used in             146.0                                               141.6                                      146.0            127.7
    basic earnings per share computations (1)



              
                Diluted earnings per common share:



                Diluted earnings per common share                                  
           $                                                                        $
              0.19             $
       0.34        $
      0.99



              Weighted average number of common shares outstanding used in             146.7                                               141.6                                      146.4            127.7
    diluted earnings per share computations (1)



              ____________________


     1 
              For the three months ended December 31, 2018 and the portion of the year ended December 31, 2018 prior to the completion of the
        initial public offering on October 15, 2018, the weighted average shares outstanding for both basic and diluted earnings per share were
        calculated using 123.0 million shares of common stock outstanding, which was the number of shares issued to FMC in part in exchange
        for the asset contribution by FMC to us. Weighted average shares outstanding for all periods prior to the completion of the public offering on
        October 15, 2018 excludes the 23.0 million shares of common stock subsequently issued as part of the public offering and over-allotment
        option exercise.


                                                                                                        
              
                
                  LIVENT CORPORATION

                                                                                                                                   ---

                                                                                               
          
               
                  RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

                                                                                                                                   ---



                                                                                         
              
           RECONCILIATION OF NET (LOSS)/INCOME (GAAP) TO ADJUSTED EBITDA (NON-GAAP)


                                                                                                                   
              
                (Unaudited)





     The table below provides a reconciliation of Net (loss)/income to Adjusted EBITDA.




                                                                                                           Three Months Ended                                               Twelve Months Ended


                                                                                                               December 31,                                                     December 31,



     
                (In Millions)                                                          2019                                    2018                      2019                                  2018

                                                                                                                                                                                                ---


     
                Net (loss)/income (GAAP)                                                             $
              (0.2)                                                     $
              26.4            $
       50.2      $
     126.6



     Add back:



     Interest expense, net                                                                  -                                                0.3                                                               0.3



     Income tax expense                                                                   5.1                                                 8.0                                                7.6            27.1



     Depreciation and amortization                                                        5.4                                                 4.7                                               20.9            17.8




     
                EBITDA (Non-GAAP) (1)                                                         $
         
                10.3                                         $
              
                39.4        $
     
         78.7  $
     
       171.8



     Add back:



     Certain Argentina remeasurement losses/(gains) (a)                                   2.7                                               (0.1)                                               7.9           (0.7)



     Restructuring and other charges/(income) (b)                                         1.4                                               (0.1)                                               6.2             2.6



     Non-operating pension benefit (c)                                                      -                                                                                                               (0.2)



     Separation-related costs (d)                                                         0.9                                                 6.9                                                6.3             9.3



     Other loss (e)                                                                       0.7                                                                                                   0.7




     
                Adjusted EBITDA (Non-GAAP) (1)                                                $
         
                16.0                                         $
              
                46.1        $
     
         99.8  $
     
       182.8


              _________________



              (1)                  In addition to net income, as
                                      determined in accordance with U.S.
                                      GAAP, we evaluate operating
                                      performance using certain non-GAAP
                                      measures such as EBITDA, which we
                                      define as net income plus interest
                                      expense, net, income tax expense/
                                      (benefit), depreciation, and
                                      amortization, and Adjusted EBITDA,
                                      which we define as EBITDA adjusted
                                      for certain Argentina remeasurement
                                      losses/(gains), restructuring and
                                      other charges/(income), non-
                                      operating pension expense/(benefit)
                                      and settlement charges, Separation-
                                      related costs and other losses/
                                      (gains). Management believes the use
                                      of these non-GAAP measures allows
                                      management and investors to compare
                                      more easily the financial performance
                                      of its underlying business from
                                      period to period. The non-GAAP
                                      information provided may not be
                                      comparable to similar measures
                                      disclosed by other companies because
                                      of differing methods used by other
                                      companies in calculating EBITDA and
                                      Adjusted EBITDA. These measures
                                      should not be considered as a
                                      substitute for net income or other
                                      measures of performance or liquidity
                                      reported in accordance with U.S.
                                      GAAP. The above table reconciles
                                      EBITDA and Adjusted EBITDA from net
                                      income.



              (a)                   Represents impact of currency
                                      fluctuations on tax assets and
                                      liabilities and on long-term
                                      monetary assets associated with our
                                      capital expansion, as well as
                                      significant currency devaluations.
                                      The remeasurement gains/(losses) are
                                      included within "Cost of sales" in
                                      our condensed consolidated statement
                                      of operations but are excluded from
                                      our calculation of Adjusted EBITDA
                                      because of: i.) their nature as
                                      income tax related; ii.) their
                                      association with long-term capital
                                      projects which will not be
                                      operational until future periods; or
                                      iii.) the severity of the
                                      devaluations and their immediate
                                      impact on our operations in the
                                      country.



              (b)                   We continually perform strategic
                                      reviews and assess the return on our
                                      business. This sometimes results in
                                      management changes or in a plan to
                                      restructure the operations of our
                                      business. As part of these
                                      restructuring plans, demolition costs
                                      and write-downs of long-lived
                                      assets may occur. Also includes legal
                                      fees related to IPO securities
                                      litigation.



              (c)                   Our non-operating pension expense/
                                      (benefit) and settlement charges are
                                      defined as those costs/(benefits)
                                      related to interest, expected return
                                      on plan assets, amortized actuarial
                                      gains and losses and the impacts of
                                      any plan curtailments or settlements.
                                      These are excluded from our results
                                      and are primarily related to changes
                                      in pension plan assets and
                                      liabilities which are tied to
                                      financial market performance and we
                                      consider these costs to be outside
                                      our operational performance.



              (d)                   Represents legal, professional,
                                      transaction related fees and other
                                      Separation-related activity.



              (e)                   Represents the portion of our
                                      nonrefundable prepaid research and
                                      development costs advanced to our
                                      unconsolidated affiliate included in
                                      "Equity in net (earnings)/loss of
                                      unconsolidated affiliate" in our
                                      consolidated and combined statement
                                      of operations but excluded from our
                                      calculation of Adjusted EBITDA
                                      because the costs represent future
                                      research and development activities
                                      of the affiliate which have not
                                      occurred as of December 31, 2019.


                                                                                                         
     
     RECONCILIATION OF NET (LOSS)/INCOME (GAAP) TO ADJUSTED AFTER-TAX EARNINGS (NON-GAAP)


                                                                                                                         
              
                (Unaudited)




                                                                                                                                                                                       Three Months                       Twelve Months
                                                                                                                                                                                Ended                               Ended


                                                                                                                                                                                        December 31,                       December 31,




              
                (In Millions, except per share amounts)                                                                                                                             2019                                2019

                                                                                                                                                                                                                                    ---


              
                Net (loss)/income (GAAP)                                                                                                                                                 $
       
       (0.2)                             $
      
      50.2



              Special charges:



              Certain Argentina remeasurement losses(a)                                                                                                                                         2.7                                        7.9



              Restructuring and other charges (b)                                                                                                                                               1.4                                        6.2



              Separation-related costs (c)                                                                                                                                                      0.9                                        6.3



              Other loss (d)                                                                                                                                                                    0.7                                        0.7



              Non-GAAP tax adjustments (e)                                                                                                                                                      2.4                                     (10.2)




              
                Adjusted after-tax earnings (Non-GAAP) (1)                                                                                                                                 $
       
       7.9                              $
      
      61.1






              
                Diluted earnings per common share (GAAP)                                                                                                       
              
                $                                            $
      
      0.34



              Special charges per diluted share, before tax:



              Certain Argentina remeasurement losses, per diluted share                                                                                                                        0.02                                       0.06



              Restructuring and other charges, per diluted share                                                                                                                               0.01                                       0.04



              Separation-related costs, per diluted share                                                                                                                                      0.01                                       0.05



              Non-GAAP tax adjustments per diluted share                                                                                                                                       0.01                                     (0.07)



              
                Diluted adjusted after-tax earnings per share (Non-GAAP) 
                (1)                                                                                                 $
       
       0.05                              $
      
      0.42




              Weighted average number of shares outstanding used in diluted adjusted after-tax earnings                                                                                       146.7                                      146.4
    per share computations (GAAP)


     _____________________



     (1)                   The company believes that the Non-GAAP
                              financial measures "Adjusted after-tax
                              earnings" and "Diluted adjusted after-
                              tax earnings per share" provide useful
                              information about the company's
                              operating results to management,
                              investors and securities analysts.
                              Adjusted after-tax earnings excludes
                              the effects of special charges and tax-
                              related adjustments. The company also
                              believes that excluding the effects of
                              these items from operating results
                              allows management and investors to
                              compare more easily the financial
                              performance of its underlying business
                              from period to period. Diluted adjusted
                              after-tax earnings per share (Non-
                              GAAP) is calculated using weighted
                              average common shares outstanding -
                              diluted (GAAP).



     (a)                    Represents charges related to currency
                              fluctuations on tax assets and
                              liabilities and on long-term monetary
                              assets associated with our capital
                              expansion, as well as significant
                              currency devaluations. The remeasurement
                              gains/(losses) are included within
                              "Cost of sales" in our condensed
                              consolidated statement of operations but
                              are excluded from our calculation of
                              Adjusted EBITDA because of: i.) their
                              nature as income tax related; ii.) their
                              association with long-term capital
                              projects which will not be operational
                              until future periods; or iii.) the
                              severity of the devaluations and their
                              immediate impact on our operations in
                              the country.



     (b)                    We continually perform strategic reviews
                              and assess the return on our business.
                              This sometimes results in management
                              changes or in a plan to restructure the
                              operations of our business. As part of
                              these restructuring plans, demolition
                              costs and write-downs of long-lived
                              assets may occur. Also includes legal
                              fees related to IPO securities
                              litigation.



     (c)                    Represents legal, professional,
                              transaction related fees and other
                              Separation-related activity.



     (d)                    Represents the portion of our
                              nonrefundable prepaid research and
                              development costs advanced to our
                              unconsolidated affiliate included in
                              "Equity in net (earnings)/loss of
                              unconsolidated affiliate" in our
                              consolidated and combined statement of
                              operations but excluded from our
                              calculation of Adjusted EBITDA because
                              the costs represent future research and
                              development activities of the affiliate
                              which have not occurred as of December
                              31, 2019.



     (e)                    The company excludes the GAAP tax
                              provision, including discrete items,
                              from the non-GAAP measure of income,
                              and instead includes a non-GAAP tax
                              provision based upon the annual non-
                              GAAP effective tax rate. The GAAP tax
                              provision includes certain discrete tax
                              items including, but not limited to:
                              income tax expenses or benefits that are
                              not related to operating results in the
                              current year; tax adjustments associated
                              with fluctuations in foreign currency
                              remeasurement of certain foreign
                              operations; certain changes in estimates
                              of tax matters related to prior fiscal
                              years; certain changes in the
                              realizability of deferred tax assets and
                              related interim accounting impacts; and
                              changes in tax law. Management believes
                              excluding these discrete tax items
                              assists investors and securities
                              analysts in understanding the tax
                              provision and the effective tax rate
                              related to operating results thereby
                              providing investors with useful
                              supplemental information about the
                              company's operational performance.The
                              income tax expense/(benefit) on
                              special charges/(income) is determined
                              using the applicable rates in the taxing
                              jurisdictions in which the special
                              charge or income occurred and includes
                              both current and deferred income tax
                              expense/(benefit) based on the nature
                              of the non-GAAP performance measure.


                                                                                                                                 Three Months                    Twelve Months
                                                                                                                           Ended                           Ended


                                                                                                                                  December 31,                    December 31,




     
                (in Millions)                                                                                                          2019                             2019




     
                Non-GAAP tax adjustments:



     Income tax benefit on restructuring, Separation-related and other corporate costs                                                           $
     (0.7)                                 $
     (2.9)



     Revisions to our tax liabilities due to finalization of prior year tax returns                                                     (0.7)                                  (2.7)



     Foreign currency remeasurement and other discrete items                                                                              3.6                                   (5.5)



     Other discrete items                                                                                                                 0.2                                     0.9


                                                                                        
     
     Total Non-GAAP tax adjustments                     $
      
       2.4                             $
     
       (10.2)


                                                        
           
     RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH FROM
                                                                                      OPERATIONS (NON-GAAP)


                                                                               
              
                (Unaudited)




                                                                                                     
              
                Twelve Months Ended


                                                                                                        
              
                 December 31,



     
                (In Millions)                                                                        2019                                           2018

                                                                                                                                                       ---


     Cash provided by operating activities (GAAP)                                                                          $
              58.1                         $
      92.0



     Restructuring and other charges                                                                    4.1                                                1.2



     Separation-related spending (a)                                                                   26.8                                                7.3



     Other loss (b)                                                                                     0.7



     
                Adjusted cash from operations (Non-GAAP) (1)                                                $
              
                89.7                    $
     
        100.5


     __________________



     (1)              The company believes that the non-GAAP
                         financial measure "Adjusted cash from
                         operations" provides useful information about
                         the company's cash flows to investors and
                         securities analysts. Adjusted cash from
                         operations excludes the effects of
                         transaction-related cash flows. The company
                         also believes that excluding the effects of
                         these items from cash provided by operating
                         activities allows management and investors to
                         compare more easily the cash flows from
                         period to period.


      (a)               Represents reimbursement to FMC for 2018
                         income taxes and transaction related costs,
                         pursuant to the Tax Matters Agreement, for
                         which we accrued liabilities at December 31,
                         2018. Also includes Separation-related
                         costs.


      (b)               Represents the portion of our nonrefundable
                         prepaid research and development costs
                         advanced to our unconsolidated affiliate
                         included in "Cash from operations" (GAAP) in
                         our consolidated and combined statement of
                         cash flows but excluded from our calculation
                         of "Adjusted cash from operations" because
                         the costs represent future research and
                         development expenditures.


                                             
     
     RECONCILIATION OF LONG-TERM DEBT (GAAP) AND CASH AND CASH EQUIVALENTS (GAAP) TO 
     NET
                                                                              DEBT (NON-GAAP)


                                                                    
              
                (Unaudited)





     
                (In Millions)                                      December 31, 2019                                                December 31, 2018

                                                                                                                                                     ---


     Long-term debt (GAAP) (a)                                                                        $
              154.6                                           $
     34.0



     Less: Cash and cash equivalents (GAAP)                                     (16.8)                                                                  (28.3)



     
                Net debt (Non-GAAP) (1)                                                $
              
                137.8                                        $
     
       5.7


              __________________



              (1)                  The company believes that the non-
                                      GAAP financial measure "Net debt"
                                      provides useful information about
                                      the company's cash flows and
                                      liquidity to investors and
                                      securities analysts.



              (a)                   As of December 31, 2019 and
                                      December 31, 2018, the Company had
                                      no debt maturing within one year.


                                                                                           
       
         
                 LIVENT CORPORATION

                                                                                                       ---

                                                                                         
       
       
            CONDENSED CONSOLIDATED BALANCE SHEETS

                                                                                                       ---

                                                                                               
       
               (Unaudited)





     
                (In Millions)                                                                                                                December 31, 2019                      December 31, 2018

                                                                                                                                                                                ---


     Cash and cash equivalents                                                                                                                                        $
      16.8                            $
      28.3



     Trade receivables, net of allowance of approximately $0.1 in 2019 and $0.1 in 2018                                                                     90.0                141.4



     Inventories                                                                                                                                           113.4                 73.3



     Other current assets                                                                                                                                   46.5                 59.8



     
                Total current assets                                                                                                                     266.7                302.8




     Investments                                                                                                                                             2.2



     Property, plant and equipment, net                                                                                                                    468.8                275.7



     Right of use assets - operating leases, net                                                                                                            16.9



     Deferred income taxes                                                                                                                                   8.2                  3.0



     Other assets                                                                                                                                           91.5                 80.0



     
                Total assets                                                                                                                                   $
     
        854.3                       $
     
        661.5






     Accounts payable, trade and other                                                                                                                                $
      77.8                            $
      72.0



     Other current liabilities                                                                                                                              39.4                 48.2



     
                Total current liabilities                                                                                                                117.2                120.2




     Long-term debt, less current portion                                                                                                                  154.6                 34.0



     Long-term liabilities                                                                                                                                  38.5                 17.7



     Equity                                                                                                                                                544.0                489.6




     
                Total liabilities and equity                                                                                                                   $
     
        854.3                       $
     
        661.5


                                                         
       
           
                  LIVENT CORPORATION

                                                                        ---

                                               
           
       
       CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

                                                                        ---

                                                             
         
                (Unaudited)




                                                                                                     Twelve Months Ended December 31,



     
                (In Millions)                                                   2019                                         2018

                                                                                                                                ---


     Cash provided by operating activities                                                            $
              58.1                           $
     92.0




     Cash required by investing activities                                     (190.0)                                               (78.4)




     Cash provided by financing activities                                       120.5                                                  13.0




     Effect of exchange rate changes on cash                                     (0.1)                                                  0.5




     (Decrease)/increase in cash and cash equivalents                           (11.5)                                                 27.1



     Cash and cash equivalents, beginning of year                                 28.3                                                   1.2



     Cash and cash equivalents, end of period                                            $
              
                16.8                       $
     
       28.3

Media Contact: Juan Carlos Cruz +1.215.299.6170
Juan.Carlos.Cruz@livent.com
Investor Contact: Daniel Rosen +1.215.299.6208
daniel.rosen@livent.com

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SOURCE Livent Corporation