Delek US Holdings, Inc.

Good morning, and welcome to the DELIC fourth quarter and full year 2020 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Blake Fernandez. Please go ahead.

Good morning. I would like to thank everyone for joining us on today's conference call and webcast to discuss Delic US Holdings' fourth quarter 2020 financial results. Joining me on today's call is Uzi Amin, our Chairman, President, and CEO, Reuven Spiegel, EVP and CFO, and Luis Lobela, 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 that term is defined under the 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 or GAAP, we report certain non-GAAP financial results. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable 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 are covering less segment and market information than is incorporated into the 4Q press release. On today's call, Reuven will review financial performance, I will cover capitalization and guidance, Louis will cover operations and CapEx, and then Uzi will offer a few closing comments. With that, I will turn the call over to Reuven.

Thank you, Blake. On an adjusted basis for the fourth quarter of 2020, DELIC US reported a net loss of $204 million, or a negative $2.77 per share, compared to net income of $9 million, or $0.11 per diluted share in the prior year period. Our adjusted EBITDA was negative $138 million in the fourth quarter of 2020, compared to $65 million in the prior year period. The second paragraph of the press release highlights $38 million of after-tax headwinds, or 52 cents per share, of items included in adjusted results. I would like to highlight the tables on page 10 of the release providing inventory hedging impacts and page 14 providing other inventory impacts in the quarter. On slide 4, we provide a cash flow waterfall. In the fourth quarter of 2020, we had a positive cash flow of approximately $117 million from continuing operations. which includes a working capital benefit of $243 million. Cash capital expenditure in the quarter were approximately $32 million. With that, I will turn it over to Blake.