Hallador Energy Company

Good afternoon and thank you for attending today's Halidwar Energy Third Quarter 2022 Earnings Call. My name is Jason and I will be the 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 a question, please press star one on your telephone keypad. I'd now like to pass the conference over to our host, Rebecca Palumbo, Investor Relations.

Thank you Jason and thank you everybody for taking the time to join us today. Yesterday afternoon, we released our third quarter 2022 financial and operating results on Form 10-Q that is now posted on our website. With me today on this call is Brent Bilslan, our president and CEO, and Larry Martin, our CFO. After the prepared remarks, we will open the call up to your 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 example, our estimates of finding 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 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 filed with the SEC. As a reminder, this conference call is being recorded. In addition, a live and archived webcast of the earnings call is also available on HALADOR's website. We encourage you to ask questions during our Q&A. And if you are on the webcast and would like to ask a question, you will need to dial into the conference. And that toll-free number is 844-200-6205, access code 840309. And with that, I turn the call over to Larry.

Thank you, Becky, and good afternoon, everyone. I will start with our review of operating results. And before I do, I would like to define adjusted EBITDA as operating cash flow plus current income tax expense less the effects of certain subsidiary and equity method investment activity plus bank interest less the effects of working capital period changes plus cash paid on asset retirement obligation reclamation, plus other amortization. For the third quarter, Alador made net income of $1.6 million, or $0.05 a share. We have lost $11.9 million net income, or $0.38 a share for the year. Our adjusted EBITDA for the quarter was $18.4 million, $32.5 million year-to-date. Our bank debt was decreased by $17 million for the third quarter. We had a positive borrowing of a net $2 million for the year. Our bank debt at the end of September was $113.7 million. Our net debt reduced by our cash was $106.7 million. And our debt to EBITDA for the three quarters is, or for the for the prior four quarters is 3.5 times well within our covenant of four and a half. I will now turn the call over to Brent Bilseland for our review of the quarter and beyond.