Ormat Technologies, Inc.

Good morning and welcome to the Allmat Technologies first quarter 2024 earnings conference call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. You can ask a question by dialing star 1 on your telephone keypad to raise your hand and join the queue. And please note that today's event is being recorded. I would now like to turn the conference over to Josh Carroll 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 Lavie, Vice President of Best 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 of future events that are forward-looking as defined in the private securities litigation format 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 ORMET Technologies and Report on Form 10-K and Core 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 to 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'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 Boshar. Duran, the call is yours.

Thank you, Josh, and good morning, everyone. Thank you for joining us today. During the first quarter, ORMAT delivered strong financial results driven by improved operating performance and continued growth across all three segments. This quarter, the company saw a 21% increase in total revenues, a 25.5% rise in earnings per diluted share, and 14.4% increase in adjusted EBITDA when compared to the first quarter of last year. The first quarter results were fueled by organic growth that includes the successful execution of our strategic plan and enhanced operational efficiency at existing facilities, which together contributed more than 50% of the increase in revenues and in EBITDA. In addition, these results were positively impacted by the recent acquisition of assets from Enel Green Power North America. Our electricity segment continues to drive growth. This quarter, record results reflect an impressive improvement in operational performance at Puna and at our IBE-1 facility, which was partially operational during the prior year's quarter. Furthermore, the new capacity we added last year in North Valley and Dixie Valley and the new acquired assets added this year helped grow our electricity segment economics relative to the comparable prior year period and also offset the impact of business interruption insurance income of $6.7 million included in last year's first quarter results. In the storage segment, we experienced a greater degree of stability in revenues from several new projects launched in 2023 that helped improve the segment's gross margin. The East Flemington project that came online in the first quarter also contributed to our results, and we expect the bottleneck project to come online towards the end of the second quarter. In our product segment, our backlog has continued to stay strong due to the growing demand for geothermal products with year-to-date revenues increasing by an impressive 147%. Since the beginning of the year, we added, including the NL assets, 130 megawatts of new generating capacity. Combined with the potential uplift from our successful drilling campaign in Kenya and the macro drivers, we are confident in meeting both our long-term capacity expansion goals and our financial targets for 2024 and beyond. On a macro base, the global demand for renewable energy continues to grow, driven by increasing environmental concerns, supportive government policies, attractive power purchase agreements, and increased renewable demand, including from data centers. Our diverse portfolio of geothermal, solar, and energy storage solutions positions us well to capitalize on these favorable tailwinds. Now, before I provide further updates on our operations and plans, I will turn the call over to Asi to review the financial results. Asi?