Intrepid Potash, Inc. (NYSE:IPI) Q2 2023 Earnings Conference Call August 3, 2023 12:00 PM ET

Company Participants

Evan Mapes - Investor Relations

Bob Jornayvaz - Executive Chairman & Chief Executive Officer

Matt Preston - Chief Financial Officer

Conference Call Participants

Lucas Beaumont - UBS

Jason Ursaner - Bumbershoot Holdings

Operator

Thank you for standing by. This is the conference operator. Welcome to the Intrepid Potash, Inc. Second Quarter 2023 Results Conference Call. As a reminder all participants are in a listen-only mode and the conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Evan Mapes, Investor Relations. Please go ahead.

Evan Mapes

Thank you, Kayla. Good morning, everyone. Thanks for joining us to discuss and review Intrepid's second quarter 2023 results. With me today is Intrepid's Co-Founder, Executive Chairman and CEO; Bob Jornayvaz; and CFO, Matt Preston. Also available to answer questions during the Q&A session following our prepared remarks is our VP of Sales and Marketing, Zachry Adams. Please be advised that our remarks today, including answers to your questions, include forward-looking statements as defined by US securities laws. These forward-looking statements are subject to risks and uncertainties that could cause actual results to materially different from those currently anticipated and are based upon information available to us today, and we assume no obligation to update them. These risks and uncertainties are described in our periodic reports filed with the SEC, which are incorporated here by reference.

During today's call, we refer to certain non-GAAP financial and operational measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in yesterday's press release. Our SEC filings and press releases are available on our website at intrepidpotash.com. I'll now pass the call to Bob.

Bob Jornayvaz

Thank you, Evan, and good morning, everyone. We appreciate your interest in Intrepid and attendance for our second quarter 2023 earnings call. Positive company and industry fundamentals drove another solid quarter of results with our second quarter adjusted EBITDA totaling just under $16 million, bringing our first half figure to approximately $32 million. Strong sales were again a key highlight for Intrepid. And in the second quarter, our potash sales volumes were approximately 40% higher than the second quarter of last year. And for the first half of 2023, our potash sales of 167,000 tons already represents about three quarters of the total volume we sold in 2022.