MP Materials Corp.

Good afternoon and thank you for attending today's MP Materials second quarter 2022 earnings conference call. My name is Austin and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you'd like to ask a question, please press star one on your telephone keypad. I would now like to pass the conference over to our host, Martin Sheehan with MP Materials. Martin, please proceed.

Thank you, operator, and good day, everyone. Welcome to the MP Materials second quarter 2022 earnings call. With me today from MP Materials are Jim Litinsky, founder, chairman, and chief executive officer, Michael Rosenthal, founder and chief operating officer, and Ryan Corbett, chief financial officer. Before we get to our opening remarks, As a reminder, today's discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the company's actual results to differ materially from these statements are included in today's presentation, earnings release, and in our SEC filings. In addition, we have included some non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in the appendix to today's presentation and earnings release. Any reference in our discussion today to EBITDA means adjusted EBITDA. Finally, the earnings release and slide presentation are available on our website. With that, I'll turn the call over to Jim. Jim.

Thanks, Martin, and thank you all for joining us this afternoon. Let me start by giving you a quick rundown on our plan for today's call. First, I will open with the highlights of the quarter, followed by Ryan's review of our financials and KPIs, And then I'll return to update you on stages two and three progress and address some highlights from our just published and inaugural ESG report before opening the call up to Q&A. So let's get started on slide four. Our second quarter results continue to demonstrate solid execution. In the quarter, we produced 10,300 metric tons and sold 10,000 metric tons of rarison concentrate. Both figures are consistent with last year's second quarter. Given the significant increase in construction on site, investment in maximizing the long-term value of the mineral resource, as well as planning and coordinating for stage two commissioning, we are really pleased with the team's ability to focus and deliver on hitting world-class production and shipping targets. Similar to last quarter, we executed well throughout the quarter, maintaining cost discipline and benefited from record realized prices. This resulted in another quarter of solid financial performance. Revenue was up 96% year-over-year to $143.6 million. Adjusted EBITDA was up 137% to $110 million. Our adjusted EBITDA margin expanded 13 points to 77%, and we earned 43 cents per share in adjusted diluted EPS, an increase of 139%. This strong financial performance brought our year-to-date normalized Stage 1 free cash flow to approximately $227.7 million. Ryan will provide additional detail on the KPIs that drove this strong performance in just a minute. But first, with regards to Stages 2 and 3, as we've previously highlighted, our primary focus continues to be on completing construction of our Stage 2 optimization project this year which remains on track. Construction pace continued to ramp, and we expect to maintain the current pace into the fourth quarter. We remain on target for mechanical completion by year end, and we've begun pre-commissioning, which includes checkouts and initial performance testing on both legacy and new circuits in preparation for commissioning. In addition, our Stage 3 facility is going vertical and forward, and we remain heavily focused on key hires, procurement of long lead equipment, and other items tracking for a late 2023 start of product for magnetic alloys. I'll provide a few more details on Stages 2 and 3 in just a minute, but first let me turn the call over to Ryan to run through our results in a bit more detail. Ryan?