Ormat Technologies, Inc.

Good morning, and welcome to the Armat Technologies Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. If you would like to ask a question, please press star 1 on your telephone keypad. Please note that this event is being recorded. I would now like to turn the conference over to your host, Sam Cohen with Alpha IR. Please go ahead.

Thank you, Operator. Hosting the call today are Duran Blashar, Chief Executive Officer, Ozzie Ginsberg, Chief Financial Officer, and Smadar Levy, Vice President of Investor Relations and ESG Planning and Reporting. Before beginning, we would like to remind you that 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 future 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 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. Reconciliation is the most directly comparable GAAP measures, and management reasons for presenting such information is set forth in the press releases 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, It should not be considered in isolation from the financial statements prepared in accordance with CAP. Before I turn the call over to management, I would like to remind everyone that a slide presentation accompanying or maybe access on the company's website at ORMAC.com under the presentation link that's found on the investor relations tab. With all that said, I would like to now turn the call over to Duran. Duran, the call is yours.

Thank you, Sam, and good morning, everyone. Thank you for joining us today. Omar's third quarter operating performance and financial results demonstrated strong growth to our consolidated top line, driven by continued momentum in our electricity and energy storage segment, along with a notable improvement in our product segment. This marked our fourth consecutive quarter of revenue growth, which continues to expand, both operating and net income, which grew significantly. by 8.1% and 21.5% respectively. We are seeing positive momentum and progress in line with our strategic initiative, which is evidenced by solid growth across our three business segments. The significant milestones we have reached since the beginning of this year with the addition of 73 megawatts of new capacity supported the continued growth in our electricity segment. Additionally, Newly signed contracts within the product segment have improved our margins while simultaneously strengthening our backlog by 150%. After the prolonged impact of the COVID-19 pandemic on our product segment, we are pleased to see this positive trend in development and the momentum that it is creating across the business. In the storage segment, we continue to capture the benefits from high energy prices in all of our markets as we advanced our strategy of building an energy storage portfolio balanced between contractual fixed revenue and merchant exposure. We recently signed a 15-year PPA, which I will elaborate on later in the call. We expect the positive momentum in our storage segment to continue in 2023 as we benefit from the regulatory tailwind created by the Inflation Reduction Act and the availability of ITC credit for storage projects. We continue to see strong global tailwinds from renewables, specifically in the US and Indonesia. The elevated global price environment for fossil fuels and increased focus on energy security supports our long-term plans, and we are confident in our ability to continue delivering on our healthy revenue and earning growth trajectory. We expect our combined geothermal energy storage and solar generating portfolio to reach approximately 1.5 gigawatts by the end of 2023 and to deliver an annual adjusted EBITDA of approximately $500 million on a run rate basis towards the end of 2022. Now, before I provide further updates on our operation and future plans, I will turn the call over to Asi to review the financial results. Afi?