Delek US Holdings, Inc.

Good day, and welcome to the Delic U.S. Holdings 2022 First Quarter Earnings 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, SVP of 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 Dellick U.S. Holdings' first quarter 22 financial results. Joining me on today's call is Uzi Amin, our Chairman, President, and CEO, Reuven Spiegel, EVP and CFO, Todd O'Malley, EVP and Chief Operating 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 DELLIC 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 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 on the press release posted on the investor relations section of the 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 Uzi will offer a few closing strategic comments. With that, I will turn the call over to Reuven.

Thank you, Blake. On an adjusted basis for the first quarter of 2022, DELEC-US had a net income of $42.9 million or $0.58 per share, compared to a net loss of $80 million or $1.08 per share in the prior year period. Our adjusted EBITDA was $172.8 million in the first quarter, compared to $12.6 million in the prior year period. I would like to highlight that during the quarter, the Tyler Refinery inventory was was retrospectively converted from a LIFO accounting basis to FIFO. This puts all our refineries on the same basis with FIFO inventory accounting. This is an opportune time to improve the communication of our results with the street. In an effort to simplify messaging, we plan to discuss underlying performance on an adjusted EBITDA and EPS basis going forward, and will no longer highlight the impact of other inventory and hedging within our discussion of results. Moving to slide four, we provide a cash flow waterfall. In the first quarter of 2022, we had a positive cash flow of approximately $27 million from continuing operation, which includes a working capital detriment of $77 million. Please note the financing activities bucket includes $64 million share purchased from ICANN Group in March. With that, I will turn it over to Blake. Thanks, Ruben.