Intrepid Potash, Inc. (NYSE:IPI) Q3 2022 Results Conference Call November 3, 2022 12:00 PM ET

Company Participants

Evan Mapes - IR Manager

Bob Jornayvaz - Executive Chairman and CEO

Matt Preston - CFO

Zachry Adams - VP of Sales and Marketing

Conference Call Participants

Joel Jackson - BMO Capital Markets

Will Tang - Morgan Stanley

Josh Spector - UBS

Operator

Thank you for standing by. This is the conference operator. Welcome to the Intrepid Potash, Inc. Third Quarter 2022 Results Conference Call. [Operator Instructions] 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, Lisa. Good morning, everyone. Thank you for joining us to discuss and review Intrepid's third quarter 2022 results. With me today is Intrepid's Co-Founder, Executive Chairman and CEO, Bob Jornayvaz; President, Brian Stone; and CFO, Matt Preston. Also with me today and available to answer questions during the Q&A session is Vice President 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 U.S. securities laws. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated. These statements are based on the 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 Securities and Exchange Commission, which are incorporated here by reference.

During today's call, we will refer to certain non-GAAP financial and operational measures. Reconciliations of these non-GAAP financial 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 will now turn the call over to Bob.

Bob Jornayvaz

Thank you, Evan. Intrepid continues to show strong execution in what has been an exceptional year for the company. In the third quarter, we delivered adjusted EBITDA of approximately $27 million and adjusted net income of approximately $13 million. This brings adjusted EBITDA for the first 9 months of the year to approximately $119 million and adjusted net income to $69 million. And when comparing both figures to total sales of $271 million for the first 9 months of the year results in respective margins of 44% and 25%, both of which are among the highest in Intrepid's history.