Intrepid Potash, Inc. (NYSE:IPI) Q3 2024 Earnings Conference Call November 5, 2024 12:00 PM ET

Company Participants

Evan Mapes - Investor Relations Manager
Matthew Preston - Chief Financial Officer and Acting Principal Executive Officer
Zachry Adams - VP of Sales and Marketing
John Galassini - VP of Operations

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. Third Quarter 2024 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

Good morning, everyone. Thank you for joining us to discuss and review Intrepid's third quarter 2024 results. With me today is Intrepid's CFO and acting Principal Executive Officer, Matt Preston. Also available to answer questions is our VP of Sales and Marketing, Zachry Adams; and our VP of Operations, John Galassini.

Please be advised that the remarks today include forward-looking statements as defined by U.S. securities laws. These forward-looking statements are subject to risks and uncertainties, which could cause Intrepid's actual results to be 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 the reports filed with the SEC, which are incorporated here by reference.

During today's call, we will also 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 with Intrepid's SEC filings are available at intrepidpotash.com.

I'll now turn the call over to Matt.

Matthew Preston

Thank you, Evan. Good morning, everyone. We appreciate your interest in Intrepid and attendance for our third quarter earnings call. Before getting into our commentary, I wanted to first acknowledge and thank our Co-Founder and Former Chairman and CEO, Bob Jornayvaz, for his many years of leadership. We're grateful for his contributions to Intrepid and the communities where we operate over the past 25 years. Bob and his family remain in our thoughts, and we continue to wish him well in his recovery. The Board's CEO search process is ongoing, and there are no additional updates to provide at this time.

In the third quarter, our adjusted EBITDA totaled $10 million, a slight increase sequentially but a $7.8 million improvement compared to the third quarter of last year. Our improved performance was driven by several factors, including positive results from our successful project execution over the past two years, evidenced by two quarters in a row of higher potash production compared to the same prior year periods.