Hallador Energy Company

Thank you for standing by and welcome to the Halador second quarter 2022 earnings call. My name is Sam and I will be your moderator for today's call. 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 your question at this time, please press star one on your telephone keypad. I'd now like to hand the call over to Rebecca Palumbo, Investor Relations. Rebecca.

Thank you, Sam. And thank you, everybody, for taking the time to join us on today's call. Yesterday afternoon, we released our second quarter 2022 financials and operating results on Form 10-Q. That is now posted on our website. With me today on this call is Brent Bildlund, our President and CEO, and Larry Martin, our CFO. After our prepared remarks, our team will be available to answer questions. Before we begin, please note that the discussion today may contain forward-looking statements that are 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 our example, our estimates of mining costs, future sales, legislation, and regulations. 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 may be required by law. For a discussion 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 file with the SEC. As a reminder, this conference call is being recorded. In addition, a live and archived webcast of this earnings call is also available on HALADOR's website. We encourage you to ask questions during our Q&A. If you are on the webcast and would like to ask a question, you will need to dial into the conference. The toll-free number is 844-200-6205, access code 393229. Now with that, I'll turn the call over to Larry.

Thank you, Becky, and good afternoon, everyone. Today we're reporting our second quarter operating results. And before I get started, I want to define adjusted EBITDA as operating cash flows plus current income tax expense, less effects of certain subsidiaries and equity method investments, plus bank interest, less the effects of working capital period changes, plus cash paid on asset retirement obligations, reclamation, plus other amortization. We had a net loss for the quarter of 3.4 million or 11 cents a share. Our year-to-date loss was 3.5 million or 44 cents a share. Our adjusted EBITDA was 11.5 million for the quarter, 14.1 million for the year, and we increased our debt by 10.7 million for the quarter and 19 million for the year. Our bank debt at June 30th was $130.7 million. Our net debt was $121.9 million, and our leverage ratio, which is debt to adjusted EBITDA, was 3.27 times. I will now turn the call over to our CEO, Brent Billson.