Intrepid Potash, Inc. (NYSE:IPI) Q2 2024 Earnings Conference Call August 6, 2024 12:00 PM ET

Company Participants

Evan Mapes - IR
Matt Preston - CFO and Acting Principal Executive Officer
Zachry Adams - VP, Sales and Marketing

Conference Call Participants

Lucas Beaumont - UBS
Jason Ursaner - Bumbershoot Holdings

Operator

Thank you for standing by. This is the conference operator, and welcome to the Intrepid Potash, Inc. Second Quarter 2024 Results Conference Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions.

I would now like to turn the conference over to Evan Mapes, Investor Relations. Please go ahead.

Evan Mapes

Thank you, Rochelle. Good morning, everyone. Thanks for joining us to discuss and review Intrepid' Second Quarter 2024 Results. With me today is Intrepid's CFO and Acting Principal Executive Officer, Matt Preston and available to the Q&A session is our VP of Sales and Marketing, Zachry Adams; and our VP of Operations, John Galassini.

Please be advised that our remarks today include forward-looking statements as defined by U.S. securities laws. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to be materially different from those currently anticipated, 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 will refer to certain non-GAAP financial and operational measures. Reconciliations to the most directly comparable GAAP measures are included in yesterday's press release, and along the SEC filings are available on our website and intrepidpotash.com.

I'll now turn the call over to Matt. Please go ahead.

Matt Preston

Thank you, Evan. Good morning, everyone. We appreciate your interest in Intrepid and attendance for our second quarter earnings call.

As we announced in July, our CEO, Bob Jornayvaz, remains on a medical leave of absence and our Board has initiated a search process to identify his successor. While we understand your interest, we don't have any additional information to share on today's call. We will continue to issue updates on Bob's status as it relates to Intrepid and the CEO search as we have them.

For our second quarter results, our adjusted EBITDA totaled $9.2 million, a $1.5 million increase sequentially, but down from $15.8 million in the prior year period as lower price levels and reduced potash sales weighed on our overall results.