Ormat Technologies, Inc.

Hello everyone and welcome to the Allmats Technologies first quarter 2022 earnings call. My name is Victoria and I will be calling into 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. If you wish to withdraw your question, please press star 2. If you have joined us online, please press the red flag icon. When preparing to ask your question, please ensure that your line is unmuted locally. I'll now pass over to your host, Samuel Cowan, to begin. Please go ahead.

Thank you, Operator. Hosting the call today are Duran Blashar, Chief Executive Officer, Ozzie Ginsberg, Chief Financial Officer, and Smadar Lavie, Vice President of Investor Relations and ESG Planning and Reporting. 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 off management's current estimates and projections, future results, or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For discussion of such risks and uncertainties, please see risk factors as described in ORMAT Technologies' annual report on Form 10-K and quarterly reports 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 of the most directly comparable GAAP measures, and management reasons for presenting such information is set forth in the press release that was issued last night as well as in 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 would like to remind everyone that a slide presentation accompanying this call may be accessed on the company's website at ormat.com and the presentation link that's down on the investor relations tab. With all that said, I would now like to turn the call over to Duran Blashar. Duran, the call is yours.

Thank you, Sam, and good morning, everyone. Thank you for joining us today. The first quarter marked a good start for the year, delivering strong financial results and operational performance. We are encouraged by the robust growth captured in both the company's top line and adjusted EBITDA, which was driven primarily by solid performance from our leading electricity segment and the strategic capacity addition to our portfolio that we made last year. I am pleased to note that the first quarter demonstrated solid growth and advancement towards many of our stated targets discussed at OMAD's recent investor day. We benefited from improved performance in our electricity segment, mostly as a result of the capacity expansion to our operating power plants and the successful integration of our Q3 2021 geothermal asset acquisitions. We continue to execute on our growth plans and recently commenced commercial operation of Tungsten Mountain II, which increased the total generation of the tungsten complex by 13 megawatts. In addition, we are on track to complete construction of the 30 megawatt CD4 geothermal power plant, the tungsten solar, the Worcester solar, and the Steamboat Hill solar facilities by the end of the second quarter. We continue to be encouraged by the increasing demand for geothermal energy, notably in California and Nevada. This increase in demand has already resulted in higher PPA prices compared to what we saw in recent years. This demand, driven by legislation and broader migration towards renewable electricity sources, will further support our unique business sector. We remain on track to deliver an annual adjusted EBITDA of $500 million on a run-rate basis towards the end of 2022. I will now turn the call to Asi to review the financial results before I provide a further update on our operations and further plan. Asi?