Delek US Holdings, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the DELA QF First Quarter 2020 Earnings Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. And to ask a question during the session, you will need to press star 1 on your telephone. And please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. And now I would like to hand the conference over to your speaker today, Mr. Blake Fernandez. Thank you. Please go ahead, sir.

Thank you, and good morning. I would like to thank everyone for joining us on today's conference call and webcast to discuss U.S. Holdings' first quarter 2020 financial results. Joining me on today's call is Uzi Amin, our Chairman, President, and CEO, Aki Ginsberg, EVP and CFO, Reuben Spiegel, incoming EVP and CFO, and Louis LaBella, EVP and President of Refining, as well as other members of our management team. Presentation materials used during today's call can be found on the investor relations section of the DELIC-US website. As a reminder, this conference call may contain forward-looking statements as the term is defined under federal securities laws. Please see slide two for the safe harbor statement. In addition to reporting financial results in accordance with generally accepted accounting principles for GAAP, we report certain non-GAAP financial results. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to be comparable to GAAP results, which can be found in the press release, which is posted on the investor relations section of our website. Our prepared remarks are being made assuming that the earnings press release has been reviewed and we're covering less segment and market information than is incorporated into the first quarter press release. On today's call, Ossie will review financial performance. I will cover capitalization and guidance. Louis will cover operations and CapEx. Then Uzi will offer a few closing strategic comments. With that, I'll turn the call over to Ossie.

Thanks, Blake. On an adjusted basis for the first quarter of 2020, DELEC-US reported a net loss of $128 million, or $1.74 per share, compared to a net income of $129.4 million, or $1.64 per share, in the prior year period. Our adjusted EBITDA loss was $29.7 million in the first quarter of 2020, compared to $244.1 million gain in the prior year period. Adjusted results include $106.1 million of headwinds or back 44 per share. This is comprised of a pre-tax other inventory loss of $90.8 billion. I would like to point out that this is a separate from the LCM inventory charge that is already excluded from adjusted results. Additionally, there is a $36.1 million tax headwind resulting from applying the annual estimated effective tax rate to the quarterly results. On page four, we provide cash flow waterfall. In the first quarter of 2020, we generate cash flow of approximately negative $144 million from continuing operations. which included working capital benefit of $102 million. Finally, cash capital expenditures in the quarter were $190 million, including the big spring turnaround. With that, I will turn it over to Blake.