Delek US Holdings, Inc.

and welcome to the DELAC 2021 First Quarter Conference Call. All participants will be in listen-only mode. If 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 a touch-tone phone. To withdraw your question, please press star, then two. And please note that today's event is being recorded. I would now like to turn the conference call over to Mr. Blake Fernandez. Mr. Fernandez, the floor is yours, sir.

Good morning. I would like to thank everyone for joining us on today's conference call and webcast to discuss Dellick U.S. Holdings' first quarter 2021 financial results. Joining me on today's call is Uzi Yamin, our Chairman, President, and CEO, Ruben Spiegel, EVP and CFO, and Luis Labella, EVP and President of Refining, as well as other members of our management team. The 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 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 release has been reviewed and that we are covering less segment and market information than is incorporated into the first quarter press release. On today's call, Ruben will review financial performance. I will cover capitalization and guidance. Luis will cover operations and CapEx, and Uzi will offer a few closing strategic comments. With that, I will turn the call over to Ruben.

Ruben Duran Thank you, Blake. On an adjusted basis for the first quarter of 2021, DELEC-US reported a net loss of $125 million, or a loss of $1.69 per share, compared to a net loss of $119.7 million, or a loss of $1.63 per share in the prior year period. Our adjusted EBITDA was a loss of 41 million in the first quarter of 2021, compared to a loss of 19 million in the prior year period. The second paragraph of the press release highlights 21 million of after-tax headwinds, or 28 cents per share, of items included in adjusted results. Page nine of the release provides inventory hedging impacts, and page 12 provides other inventory impacts in the quarter. I would like to highlight the tax benefit in the quarter, was lower than expected due to changes in estimated tax rate for the year. This was primarily driven by the upward revision in internal forecasting of performance of full year 2021. While this created a headwind to earnings per share in the first quarter, the underlying story is that the macro backdrop was improved relative to our previous outlook. On slide four, we provide a cash flow waterfall. In the first quarter of 2021, We had a negative cash flow of approximately $34 million from continuing operation, which includes a working capital detriment of $21 million. Cash capital expenditure in the quarter were approximately $67 million. With that, I will turn it over to Blake.