Hallador Energy Company

Hello and welcome to Halador's Energy Company fourth quarter 2021 earnings call. My name is Chris and I'll be coordinating your call today. If you would like to register a question during a presentation, you may do so by pressing star followed by one on your telephone keypad. And I'd like to hand over to our host, Becky Palumbo, Investor Relations. Please go ahead when you're ready.

Thank you, Elliot. Thank you, everybody, for taking the time to join us today. As a reminder, this event is being webcast live, and the replay will be available on our website later today. Yesterday afternoon, we released our fourth quarter 2021 financial and operating results on Form 10-K, followed by a press release containing certain financial metrics, which are now posted on our website. Today, we will discuss those results and our perspective on market conditions and outlook. Following the prepared remarks, the call will open up to questions. This call may contain forward-looking statements, that is, statements related to future, not past events. In this context, forward-looking statements often address our expected future business and financial performance. 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. For example, our estimates of mining costs, future cost sales, legislation and regulations relating to the Clean Air Act and other environmental initiatives. 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, except as may be required by law. For a description of some of those risks and uncertainties that may affect our future results, you should see the risk factors described from time to time in the reports we follow with the SEC. So today, on today's call, we have Brent Bilplin, our president and CEO, and Larry Martin, our CFO. And with the preliminaries out of the way, I turn the call over to Larry.

Thank you, Becky, and good afternoon, everybody. First, I want to get a definition out of the way. We define adjusted EBITDA as operating cash flows plus gain on extinguishment of our PPP loan plus current income tax expense less the effects of certain subsidiaries and equity method investments plus bank interest less the effects of working capital period changes plus other amortizations. So for the year ended December 31, 2021, we had a net loss of $3.8 million, or $0.12 a share. Our adjusted EBITDA was $50.3 million, and our bank debt decrease was $26 million. At the end of 2021, we had $111.7 million of bank debt, our net debt with our cash on our balance sheet was $109.2 million, and our leverage ratio, which is debt to EBITDA, was 2.34 times. I will now turn the call over to Brent Filslam, our CEO. Thank you.