Ormat Technologies, Inc.

Hello, and welcome to the Allmat Technologies Q3 2021 earnings call. My name is Robin, and I'll be coordinating your call today. If you would like to ask a question during the presentation, you may do so by pressing star 1 on your telephone keypad. I will now hand you over to your host, Jeff Stanliff from FNKIR. Jeff, please go ahead.

Thank you, Robin. Hosting the call today are Jerome Bouchard, Chief Executive Officer, Ozzie Ginsberg, Chief Financial Officer, and Smadar Lavie, Vice President of Corporate Finance and Investor Relations. Before beginning, we would like to remind you that the information provided during this call may contain forward-looking statements relating to current expectations, estimates, forecasts, and projections about future events that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the company's plans, objectives, and expectations for future operations and are based on management's current estimates and projections, future results, or trends. Actual results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, please see Risk Factors, as described in Ormet Technology's annual report on Form 10-K and quarterly report on Form 10-Q that are filed with the SEC. In addition, during the call, the company will present non-GAAP financial measures, such as adjusted EBITDA. reconciliations to the most directly comparable GAAP measures, and management reasoning for presenting such information as is set forth in the press release that was issued last night, as well as the slides posted on the website. Because these measures are not calculated in accordance with GAAP, they should not be considered in isolation from the financial statements prepared in accordance with GAAP. Before I turn the call over to management, I'd like to remind everyone that a slide presentation accompanying this call may be accessed on the company's website at ormat.com, under the presentation link that's found under the investor relations tab. With that said, I would now like to turn the call over to Jerome Blachar. Jerome, the call is yours.

Thank you, Jeff, and good morning, everyone. Thank you for joining us today. During the third quarter, we completed several strategic initiatives that support our long-term position, including a sizable geothermal acquisition in Nevada new resource adequacy contract for our energy storage segment, a joint venture for exploration in Indonesia, and several new product wins, providing further evidence that the COVID-related disruption in our product segment is abating. These developments support our long-term goals and further our efforts to expand our generation capabilities towards our goal to achieve a run rate of $500 million in annual EBITDA towards the end of 2022. Looking at the third quarter, our results were negatively impacted by operational challenges at three plants. We are making progress to resolve these challenges and expect them to gradually recover by the first half of 2022. Even with these challenges and the ongoing slowness in our product segment, we reported continued growth of more than 15.4% in the electricity segment, leading to revenue that was essentially flat year over year. This enabled us to deliver over $100 million in adjusted EBITDA for the quarter. We continue to view 2021 as a build-up year. The strategic acquisition of two operating plants and an underutilized transmission line in Nevada is an example of this build-up. The new long-term resource adequacy agreement with PG&E for our Pomona 2 project is another example, as are the product segment wins in Nicaragua and Indonesia, which boosted our product segment backlog. With a portfolio of over 1.1 gigawatts of generation, a rebounding product segment, and a growing energy storage offering, we are well positioned to maintain our industry leadership and deliver consistent, profitable growth. As we look into 2022, we anticipate increased growth as we put the short-term challenges behind us and reap the benefits of the hard work of the last year. I will turn the call over to Asi to review the financial results before I provide further updates on our operations and future plans. Asi?