Hallador Energy Company (NASDAQ:HNRG) Q1 2024 Earnings Conference Call May 7, 2024 11:00 AM ET

Company Participants

Becky Palumbo - Investor Relations
Brent Bilsland - President and Chief Executive Officer
Marjorie Hargrave - Chief Financial Officer

Conference Call Participants

Lucas Pipes - B. Riley Financial
Jeff Bronchick - Cove Street Capital

Operator

Good afternoon. Thank you for attending today’s Hallador Energy First Quarter 2024 Earnings Call. My name is Megan, and I’ll be your moderator for today’s call. [Operator Instructions] I would now like to pass the conference over to Becky Palumbo, Investor Relations with Hallador Energy. Please go ahead.

Becky Palumbo

Thank you, Dagan. Thank you, everybody, for taking the time today to join our discussion on our first quarter 2024 earnings. With me today are Brent Bilsland, our President and CEO; and our newly appointed CFO, Margi Hargrave. Yesterday afternoon, we released our first quarter 2024 financial and operating results in a press release that is now on our website. Today, we will discuss those results as well as our perspective on current market conditions and outlook for 2024. Following our prepared remarks, we will open the call to answer your questions.

Before beginning, a reminder that some of our remarks today may include forward-looking statements, subject to a variety of risks, uncertainties and assumptions contained in our filings from time to time with the SEC and are also reflected in yesterday’s press release. While these forward-looking statements are based on information currently available to us, if one or more of these risks or uncertainties materialize or if our underlying assumptions prove incorrect, actual results may vary materially from those we projected or expected.

In providing these remarks, Hallador has no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law to do so. We plan on filing our Form 10-Q later this afternoon.

And with the preliminaries out of the way, I will now turn the call over to Marjorie.

Marjorie Hargrave

Thank you, Becky, and good afternoon, everyone. First off, I’d like to personally thank Larry Martin for all of his hard work at Hallador, and for making this transition so smooth and enjoyable. Larry will be on the call to assist in answering questions for this quarter. Before we get started, I’d like to define adjusted EBITDA to refresh everyone’s memory. Adjusted EBITDA is the sum of operating cash flow less the effects of certain subsidiary and equity method investment activity, plus bank interest, less the effects of working capital, period changes plus cash paid on asset retirement obligation reclamations plus other operations.