U.S. Silica Holdings, Inc. (NYSE:SLCA) Q1 2023 Results Conference Call April 28, 2023 8:30 AM ET

Company Participants

Patricia Gil - Vice President of Investor Relations

Bryan Shinn - Chief Executive Officer

Don Merril - Executive Vice President and Chief Financial Officer

Conference Call Participants

Stephen Gengaro - Stifel

Derek Podhaizer - Barclays

Samantha Hoh - Evercore ISI

John Daniel - Daniel Energy Partners

Operator

Good morning, and welcome to the U.S. Silica's First Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce to you Patricia Gil, Vice President of Investor Relations and Sustainability. You may begin.

Patricia Gil

Thank you, and good morning, everyone. I'd like to thank you for joining us today for U.S. Silica's First Quarter 2023 Earnings Conference Call. Leading the call today are Bryan Shinn, our Chief Executive Officer; and Don Merril, our Executive Vice President and Chief Financial Officer. Before we begin, we would like to remind you of our standard cautionary remarks regarding the forward-looking nature of some of the statements that will be made today.

Such forward-looking statements, which are predictions, projections or other statements about future events, are based on current expectations and assumptions, which are subject to certain risks and uncertainties. For a complete discussion of these risks and uncertainties, we encourage you to read the company's press release and our documents on file with the SEC. We do not undertake any duty to update any forward-looking statements. Additionally, we may refer to non-GAAP measures such as adjusted EBITDA, segment contribution margin, net debt and net leverage ratio during this call. Please refer to today's press release or our public filings for a full reconciliation of adjusted EBITDA to net income and discussions of segment contribution margin, net debt and the net leverage ratio. I would now like to turn the call over to our CEO, Mr. Bryan Shinn.

Bryan Shinn

Thanks, Patricia, and good morning, everyone. During the first quarter, U.S. Silica continued to build upon its positive operating momentum, delivering exceptional results as we reported record adjusted EBITDA and the highest level of total contribution margin dollars since 2018. Customer demand in our Oil and Gas segment remained robust, and we delivered improved pricing and margin expansion, while our Industrial segment rebounded from the prior quarter seasonality with strong results and increased sales of higher-margin products.