Delek US Holdings, Inc.

Good morning and welcome to the DELEC U.S. Holdings fourth quarter 2021 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, Senior Vice President, Investor Relations. 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 Fourth Quarter 21 financial results. Joining me on today's call is Uzi Amin, our Chairman, President, and CEO of Reuben 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 DELIC-US 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 GAP, 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 will be found in the press release 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 are covering less segment and market information than is incorporated into the press 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 offer a few closing strategic remarks. With that, I'll turn the call over to Ruben.

Thank you, Blake. On an adjusted basis for the fourth quarter, Delic US reported a net loss of $44.9 million, or a loss of $0.61 per share, compared to a net loss of $204 million, or a loss of $2.77 per share in the prior year period. Our adjusted EBITDA was $68.2 million in the fourth quarter, compared to a loss of $137.6 million in the prior year period. The second paragraph of the press release highlights $6 million of after-tax tailwind or $0.07 per share of items included in the adjusted results. Page 14 of the release provides a breakdown of inventory hedging and other inventory impacts in the quarter. On slide four, we provide a cash flow waterfall. In the fourth quarter of 2021, We had a positive cash flow of approximately $161 million from continuing operation, which includes a working capital benefit of $110 million. With that, I will turn the call over to Blake.