Hallador Energy Company

Good day, and welcome to the Halidor Energy Company first quarter 2021 earning of conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Becky Palumbo. Please go ahead.

Thank you, Betsy. Yesterday afternoon, Halidor Energy released its first quarter 2021 financial and operating results on Form 10-Q and issued a press release containing certain financial metrics. Both documents are posted on our website. Today, we will discuss these results as well as our perspective on market conditions and outlook. Following our prepared remarks, we'll open the call up to your questions. Before beginning, a reminder that some of our remarks today may include forward-looking statements that are subject to a variety of risks, uncertainties, and assumptions contained in our filings from time to time with SEC. While these forward-looking statements are based on information currently available to us, if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect. Actual results may vary materially from those we projected or expected. In providing these remarks, we have no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise unless required by law to do so. Brent Bivlin, our President and CEO, and Larry Martin, our CFO, are on the call with us today. And with the required preliminaries out of the way, I'll now turn the call over to Larry.

Thank you, Becky. Good afternoon, everyone. Before I get started, I'd like to define a couple of definitions for our items that I'm going to go over. We define free cash flow as net income plus deferred taxes plus depreciation, depletion, and amortization. changes in fair value of hedges and stock compensation, less maintenance capex and the effects of our equity method investments. We define adjusted EBITDA as EBITDA plus stock compensation and changes in fair value of hedges, less the effects of our equity method investments. So, for the quarter, we had a net loss of $1 million, or 3 cents a share, We generated free cash flow of $5.4 million. We had adjusted EBITDA of $11.4 million. And we decreased our bank debt by $1.7 million. Our bank debt at the end of the quarter was $136.1 million. Our net debt at the end of the quarter, $132.2 million. And our leverage ratio, which is debt to adjusted EBITDA, was 2.78 times. I will now turn the call over to Brent Bilgeland, our CEO.