Intrepid Potash, Inc. (NYSE:IPI) Q2 2022 Earnings Conference Call August 5, 2022 12:00 PM ET
Corporate Participants
Evan Mapes - Investor Relations
Bob Jornayvaz - Co-Founder, Executive Chairman and Chief Executive Officer
Matt Preston - Chief Financial Officer
Conference Call Participants
Alex Chen - 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. Second Quarter 2022 Results Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the conference over to Evan Mapes, Investor Relations. Please, go ahead.
Evan Mapes
Thank you, Angela. Good morning, everyone and thank you for joining us to discuss second quarter 2022 results. With me on the call today is Intrepid's Co-Founder, Executive Chairman, and CEO, Bob Jornayvaz; and Intrepid's CFO, Matt Preston. Also available to answer questions during the Q&A session will be our 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 SEC, 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 also available on our website at intrepidpotash.com.
And I'll now turn the call over to Bob.
Bob Jornayvaz
Devin, thank you very much, and good morning to everyone joining the call, we really appreciate the attendance and interest Intrepid.
I'll begin my remarks with recent company highlights then move to broader macro and market commentary and then with the financial results before passing the call on to Matt.
The first half of 2022 has no doubt than exceptional foreign traffic as the company's $92 million in adjusted EBITDA is the best first half performance in a decade. With the debt free balance sheet $85 million of cash as of July 31, and a positive outlook, we're in a great position to pursue internal growth projects and opportunistically return capital to shareholders. We have $35 million in the share repurchase program, approved by our board and given the oversold market conditions that exist in the stock market, we firmly believe that buying back shares is one of the best ways we can deploy capital.