Good morning, and welcome to Genie Energy's First Quarter 2024 Earnings Call. [Operator Instructions] Please note, this event is being recorded. I will now turn the call over to Brian Siegel of Hayden IR.

Thank you, operator. With me today are Michael Stein, Genie Energy's CEO; and Avi Goldin, Genie Energy's CFO, who will discuss operational and financial results. Any forward-looking statements made during this conference call, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those statements. These risks and uncertainties include, but are not limited to, those discussed in the reports that we file periodically with the SEC. Genie assumes no obligation to update any forward-looking statements that we have made or may make, or to update the factors that may cause actual results to differ materially from those that we forecast. During their remarks, management makes reference to adjusted EBITDA, a non-GAAP measure. Management believes that its measure of adjusted EBITDA provides useful information to both management and investors that supplement our core operating results. Our earnings release, which is posted on the genie.com IR page, includes a reconciliation of consolidated adjusted EBITDA to its nearest comparable GAAP measures, consolidated net income and income from operations for all periods presented. In addition, adjusted EBITDA for applicable segments are reconciled in the earnings release through their respective segment's income from operations for all periods presented. I will now turn the conference over to Michael Stein, Genie's Chief Executive Officer.

Thank you, Brian. Welcome to Genie Energy's First Quarter 2024 Earnings Call. We reported a solid quarter this morning with record first quarter revenue and gross profit. On top of our regular quarterly dividend, we repurchased 250,000 shares of common stock, which we believe is trading well below its fair value. At GRE, we ended the first quarter with 365,000 customers, up about 5% and 348,000 RCEs, down about 1%, respectively, over the prior year. Within GREW, Diversegy had another very strong quarter. And at Genie Solar, we advanced several third-party-owned commercial projects into the construction phase, helping to drive a significant increase in segment revenue, quarterly gross profit and adjusted EBITDA year-over-year. We also advanced several Genie-owned solar projects that are in development and added new projects to the pipeline, even as several others dropped out of our development plans due to lack of viability. This movement in and out of the pipeline is not uncommon for early-stage solar opportunities. We are confident that the investments we've made to enhance our team and upgrade our operational capabilities, should help us grow and optimize the pipeline while also moving existing projects through the pipeline more rapidly. As a reminder, our solar project development strategy is intended to be a long-term value driver for the company. Developing projects from site right acquisitions through construction and into operations typically takes years. However, we are pursuing projects with robust ROI projections that we expect will provide growing recurring revenue streams to the company for years to come. Given the solid operational and financial start to the year, we remain on track to deliver $40 million to $50 million in company-wide consolidated adjusted EBITDA for 2024. This range represents a significant increase from our pre-2022 normalized adjusted EBITDA range of $25 million to $30 million, and includes significant ongoing investments in developing utility-scale solar projects like GREW. Our upgraded expectations reflect our expanded customer base at GRE, our pivot away from international retail and our focus on continuously enhancing our analytical and operational capabilities. Consistent with our 2024 projections, we expect to remain opportunistic with respect to potential new retail customer acquisitions, both organic and inorganic. This year, at GREW, we will continue to move toward the completion of our Perry and Lansing solar farms, both in New York. Additionally, we expect our upgraded project development team to further expand our pipeline and move the viable projects through development process more quickly. Our Diversegy business continues to perform well, Diversegy's revenue grew for the 10th straight quarter, and its gross profit reached its highest level ever for the fourth consecutive quarter. Overall, we expect that diversity will contribute to our enhanced growth and profitability in the coming years. To wrap up, we delivered another solid quarter, allocated capital to buy back shares at what we believe our deep value levels and continue to make progress in our solar business. Now I'll turn the call over to Avi for his discussion of our financial results.

Thank you, Michael, and thanks to everyone on the call for joining us this morning. My remarks today cover our financial results for the 3 months ended March 31, 2024. Throughout my remarks, when I discuss the quarterly results, I will compare the first quarter of 2024 to the first quarter of 2023 to remove from consideration the seasonal factors that impacted the results of our Retail Energy Supply business. In that business, the first quarter is typically characterized by seasonally elevated levels of per meter electricity and gas consumption as it includes the winter's peak heating months for much of our service area. Also during my remarks, I will discuss our measure of adjusted EBITDA, a non-GAAP measure, in order to provide investors with a consistent perspective on the underlying performance of our business. Genie's financial results were highlighted by record first quarter revenue and gross profit and solid adjusted EBITDA while returning value to our common stockholders through repurchases of our Class B common stock as well as our quarterly dividend. First quarter consolidated revenue increased 14% to $120 million from $105 million in the first quarter of last year. At GRE, first quarter revenue increased by 11% to $112 million from $101 million a year ago. The increase was driven by the growth in our meter base that Michael mentioned, as well as increased consumption per meter. The increase in kilowatt hours sold was partially offset by decreases in the average price per unit sold of both electricity and natural gas. At our Renewables segment, first quarter revenue increased by 87% to $7.2 million from $3.9 million, driven by increased sales of Genie Solar and Diversegy. At Genie Solar, the revenue increase largely reflected attainment of a number of third-party commercial project development milestones in the quarter.…

[Operator Instructions] There are no questions in queue. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.