Good day, and welcome to the Genie Energy Limited's Fourth Quarter and Full-Year 2024 Earnings Call. In today's presentation Genie Energy management will discuss Genie's financial and operational results for the three month and 12-month period ended December 31, 2024. During prepared remarks by Genie Energy's Chief Executive Officer, Michael Stein; and Chief Financial Officer, Avi Goldin, all participants will be in listen-only mode. [Operator Instructions] After Avi Goldin's remarks, Michael and Avi will take questions from investors. Any forward-looking statements made during this conference call, either in their prepared remarks or in the Q&A session, whether general or specific in nature are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports that Genie Energy files periodically with the SEC. Genie Energy assumes no obligation either to update any forward-looking statements that they have made or may make or to update the factors that may cause actual results to differ materially from those that they forecast. In their presentation or in the Q&A session, Genie Energy's management may make reference to non-GAAP measures including adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share. A schedule provided in the Genie Energy's earnings release reconciles adjusted EBITDA, non-GAAP net income, and non-GAAP earnings per share to the nearest corresponding GAAP measures. Please note that the Genie Energy earnings release is available on the Investor Relations page of the Genie website. The earnings release has also been filed on a Form 8-K with the SEC. I will now turn the conference over to Michael Stein.

Thank you, operator. Genie finished 2024 with a solid fourth quarter across both our retail and renewables businesses, even as we continue to invest significantly in growth initiatives in both segments. For the full year, we achieved the high-end of our adjusted EBITDA guidance. GRE performed well throughout the year. We capitalized on favorable market conditions to ramp-up customer acquisitions on the one hand, and through our customer retention program, we reduced churn significantly. As a result, we added 23,000 net new meters in the fourth quarter and over 60,000 during the full year, an increase of nearly 17%. The impact of this increase in our meter book was partially offset by lower levels of per meter electricity and gas consumption compared to the year ago quarter, as a result of mild weather in October followed by pretty typical patterns in November and December. Electricity margins in the fourth quarter were lower than in the year ago quarter, reflecting a multiyear migration toward fixed price meters, including a number of aggregation wins during 2024. Having said that, the fourth quarter's margin on electricity sales was still above our historical seasonal average. Looking ahead, we expect to continue to build our meter book in 2025. As I mentioned last quarter, we have accelerated our growth in Texas dynamic electricity market and we have just begun to generate revenue from our newest market, natural gas in California. These two markets highlight our growth opportunity, but conditions are favorable across our markets now in 19 states plus the District Of Columbia. GREW, our renewables business made tremendous progress in 2024 and capped the year with a strong fourth quarter. Gross profit in 2024 increased by over 120% compared to 2023, surpassing $6 million. Meanwhile, we held the percentage increase in SG&A to single-digits…

Thank you, Michael, and thanks to everyone on the call for joining us this morning. My remarks today cover our financial results for the three and 12 months ended December 31, 2024. In my commentary on the quarterly results, I will compare the results for the fourth quarter of 2024 to the fourth quarter of 2023, to remove from consideration the seasonal factors that impact our results, particularly within our Retail Energy business. The fourth quarter is typically characterized by relatively low levels of electricity and moderate gas consumption, as the bulk of the quarter falls between the summer's peak cooling and winter heating seasons. I was pleased with our fourth quarter and full year results, highlighted by operational and financial performance consistent with our expectations, enabling us to achieve the upper end of our 2024 guidance range, while further strengthening our balance sheet. Turning to the fourth quarter numbers. Consolidated revenue in the quarter decreased 1.9% or $2 million to $102.9 million. At GRE, revenue was unchanged at $98.4 million. Electricity revenue of $82.1 million was also unchanged and contributed 83.5% of GRE's revenues. Consumption increased as a result of the success of our meter acquisition programs, but the impact of that increase was offset by lower revenue per kilowatt hour sold. Revenue from the sale of natural gas increased 7.5% in the fourth quarter to $16.2 million, reflecting increases in both our gas meter base and revenue per Therm (ph) sold. At GREW, fourth quarter revenue decreased 30.1% to $4.5 million. Strong growth at Diversegy was offset by reduction in revenue at Genie Solar, as we shifted our strategic focus from lower margin commercial projects and at CityCom Solar. Consolidated gross profit was $33.5 million, a slight reduction from the $33.6 million we achieved in the year ago…

Certainly. We will now begin the question-and-answer session. [Operator Instructions] As there are no questions, this concludes our question-and-answer session and conference call. Thank you for attending today's presentation. You may now disconnect. End of Q&A: