Ormat Technologies, Inc.

Good morning and welcome to the RMIT Technologies Third Quarter 2023 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 during that time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, again, press star 1. Please note this event is being recorded. I would now like to turn the conference over to Alex Steinberg with Alpha IR. Please go ahead.

Thank you. Hosting the call today are Duran Bashar, Chief Executive Officer, Ozzie Ginsberg, Chief Financial Officer, and Smedarovi, 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 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 risk and uncertainties, 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's 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 repaired 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 on the investor relations tab. With all that said, I would now like to turn the call over to Duran Bashar.

Duran, the call is all yours. Thank you, Alec. Good morning, everyone. And thank you for joining us today. OMAS reported another quarter of strong financial results and achieved significant milestones that emphasize its commitment to growth and sustainability. The strong results in the third quarter are demonstrated by the company's significant top-line expansion of 18.3%, which was successfully translated into 15.8% growth in adjusted EBITDA, and 84.4% growth in earnings per share. All three of our segments showed revenue growth in the quarter. The product segment continues to impress as our backlog has consistently grown throughout the year, with year-to-date revenues more than doubling versus 2022. In the storage segment, we overcame lower energy rates at PGM and Kaiser, and delivered growth from the new facilities that came online in the second quarter this year. In the electricity segment, this quarter revenues and margins were impacted by lower generation and lower energy rates at Puna compared to last year. We are making progress in our ongoing drilling efforts at Puna and Olkaria, with Puna now generating over 30 megawatts and Olkaria steadily increasing its capacity. Both are expected to support our future performance in the electricity sector. In October, we announced a strategic acquisition of three geothermal and two solar power plants for Menel in the U.S. We expect to close this acquisition by the first quarter of 2024. We are confident that this creative acquisition will support both our short- and long-term growth plans. After the end of the quarter, we raised $166 million through a combination of tax equity transactions to monetize PTC, commercial paper, and a long-term corporate loan that strengthens our balance sheet and solidifies our financial position. We've achieved significant growth in 2023, adding 127 megawatts year-to-date, expanding global demand for renewable resources and established our market position as one of the largest providers of geothermal energy globally. We continue to be confident in our ability to achieve our long-term capacity expansion goals and our financial targets for 2023 and beyond, and expect to increase our capacity for approximately 1.9 to 2 gigawatts by year-end 2025. 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. Asi?