Montauk Renewables, Inc. (NASDAQ:MNTK) Q1 2023 Earnings Conference Call May 10, 2023 5:00 PM ET

Company Participants

John Ciroli - Chief Legal Officer & Secretary

Sean McClain - President & Chief Executive Officer

Kevin Van Asdalan - Chief Financial Officer

Conference Call Participants

Craig Shere - Tuohy Brothers

Matthew Blair - Tudor Pickering Holt & Company

Manav Gupta - UBS

Operator

Good afternoon, everyone and thank you for participating in today's conference call. I would like to turn the call over to Mr. John Ciroli to provide some important cautions regarding forward-looking statements and non-GAAP financial measures contained in the earnings material or made on this call. John please go ahead.

John Ciroli

Thank you. Good afternoon, everyone. Welcome to Montauk Renewables Earnings Conference Call to review the First Quarter 2023 Financial and Operating Results and Developments. I'm John Ciroli, Chief Legal Officer and Secretary at Montauk.

Joining me today are Sean McClain, Montauk's President and Chief Executive Officer to discuss business development; and Kevin Van Asdalan, Chief Financial Officer to discuss our first quarter 2023 financial and operating results. At this time I would like to direct your attention to our forward-looking disclosure statement. During this call certain comments we make constitute forward-looking statements and such as involve a number of assumptions risks and uncertainties that could cause the company's actual results or performance to differ materially from those expressed in or implied by such forward-looking statements. These risk factors and uncertainties are detailed in Montauk Renewables SEC filings.

Our remarks today may also include non-GAAP financial measures. We present EBITDA and adjusted EBITDA metrics, because we believe the measures assist investors in analyzing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. Additional details regarding these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures can be found in our slide presentation and in our first quarter 2023 earnings press release and Form 10-Q issued and filed this afternoon. Those are available also on our website at ir.montaukrenewables.com. After our prepared remarks, we will open the call to questions.

And with that I turn the call over to Sean.

Sean McClain

Thank you, John. Good day, everyone and thank you for joining our call. As we previously announced during our fiscal 2022 earnings conference call in March, and as Kevin will explain in more detail, we made a strategic decision not to commit to transfer any available RINs on 2023 RNG production until the second quarter of 2023. The EPA's release of the RVO in December 2022 included RVO obligations for three years, 2023 through 2025 and included volumes of eRINs to be generated from renewable electricity and used in transportation fuel.