Delek US Holdings, Inc.

Good morning, and welcome to the DELIC U.S. 2021 Third Quarter 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. 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 Dellick U.S. Holdings third quarter 21 financial results. Joining me on today's call is Uzi Amin, our chairman, president, and CEO, Ruben Spiegel, EVP and CFO, and Todd O'Malley, EVP and chief commercial officer, 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 Dellick U.S. website. As a reminder, This conference call may contain forward-looking statements as that 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 we're covering less segment and market information than is incorporated into the third quarter release. On today's call, Reuven will review financial performance, I will cover capitalization and guidance, Todd will cover operations and CapEx, and then Uzi will close with a few closing strategic comments. With that, I'll turn the call over to Reuven.

Thank you, Blake. On an adjusted basis for the third quarter of 21, DELEC-US reported net income of $9.9 million, or 13 cents per share, compared to a net loss of $99.5 million, or a loss of $1.35 per share in prior year period. Our adjusted EBITDA was $110 million in the third quarter, compared to a loss of $11 million in the prior year period. The second paragraph of the press release highlights $11 million of after-tax tailwind, or 15 cents per share, of items included in adjusted results. Page 10 of the release provides a breakdown of inventory hedging impacts, and page 14 provides other inventory impacts in the quarter. On slide four, we provide a cash flow waterfall. In the third quarter of 2021, we had a positive cash flow of approximately $75 million from continuing operation, which includes a working capital detriment of $42 million. With that, I will turn it over to Blake.