Hallador Energy Company

Good afternoon. Thank you for attending today's Halidor Energy's first quarter 2023 earnings call. My name is Hannah, 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 would like to ask a question, please press star 1. I would now like to pass the conference over to our host, Becky Palumbo with Halidor. You may go ahead.

Thank you, Hannah, and thank you, everybody, for joining us today. Yesterday afternoon, we released our first quarter 2023 financial and operating results on Form 10-Q, which is now posted on our website. With me today on this call is Brent Billson, our president and CEO, and Larry Martin, our CFO. After the prepared remarks, we will open up the call to your questions. Before we begin, please note that the discussion today may contain certain 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 understanding assumptions prove incorrect, actual results may vary materially from those we projected or expected. For 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, that may be required by law. For discussion of some of those risks and uncertainties that may affect our future results. you should review the risk factors described from time to time in the reports we filed with the SEC. As a reminder, this call is being recorded. In addition, a live and archived webcast of the earnings call is also available on our website. We encourage you to ask questions during the 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 833-422-7000. 470-1428 code 018965. And with that, I'll turn the call over to Larry.

Good afternoon, everybody. Before I get started, I would like to define our adjusted EBITDA as operating cash flows plus current income tax expense less the effects of certain subsidiaries and equity method investment activity plus bank interest less the effects of working capital and other long-term asset and liability period changes, plus cash paid on asset retirement obligation reclamation, plus other amortization. For the first quarter, our results were net income of 22.1 million, which equated to 67 cents basic earning per shares and 61 cents diluted earnings per share. Our adjusted EBITDA for the quarter was $34 million. We decreased our bank debt by $10 million. Our funded bank debt as of the end of March was $75.2 million, with our net funded bank debt being $72.8 million. We had letters of credit totaling $11.2 million with our banks. And our debt to adjusted EBITDA or leverage ratio was 1.2 times at the end of the quarter. I will now turn over the call to Brent Bilgin, our CEO.