Hallador Energy Company

Good afternoon and welcome to Halidore Energy Company third quarter 2021 earnings call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing the start key followed by zero. After today's presentation will be opportunity to ask questions. Please note that this event is being recorded. I would like to turn the call over to Ms. Becky Palumbo of Investor Relations. Please go ahead.

Thank you, Nick. Hello, everyone. Thank you for taking the time to join us today. As a reminder, this event is being webcast live and it will be available on our website later today. Yesterday afternoon, we released our third quarter 2021 financial and operating results on form 10Q and issued a press release containing certain financial metrics. Both documents are posted on our website. Today, we will discuss financial results and our perspective on market conditions and outlook. Following the prepared remarks, we will open up the call for questions. As a reminder, some of the 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 the 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 required by law to do so. With us today are Brent Bilsland, our President and CEO, and Larry Martin, our CFO. Now that we have the required preliminaries out of the way, Larry can start us off with the quarter's financial overview. Larry, the floor is yours.

Good afternoon, everyone. Before I begin, I'd like to get some definitions defined. We define free cash flow as net income plus deferred income taxes plus depreciation, depletion, and amortization plus reclamation, accretion, change in fair value of hedges, and stock compensation. less maintenance capex and the effects of our equity method investments. We define adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, plus stock compensation, plus reclamation, accretion, and changes in fair value of hedges, less the effects of our equity method investments. Holidor obtained net income of $8 million for the quarter, or 26 cents a share, 4 million year-to-date for the nine months or 13 cents a share. Our free cash flow for third quarter was 14.6 million and 26.4 million for the nine months. Adjusted EBITDA was 20.5 million for third quarter, 43.2 million for the nine months. We paid down bank debt of 15.2 million for the quarter, 22.8 million for the year. Our bank debt at 930 was 115 million, and our net debt at 930 was 110 million. Our debt to EBITDA leverage ratio was 2.29 times well within our covenant. I'd like to now turn the call over to our Halidwar CEO, Brent Bilsling.