Good morning, and welcome to Genie Energy's Fourth Quarter and Full Year 2018 Earnings Call. All participants will be in listen-only mode [Operator Instructions]. In its presentation, Genie Energy's management team will discuss financial and operational results for the three and twelve month period ending December 31, 2018. Any forward-looking statements made during this conference call, either in the 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 that the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in its 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. During these remarks, management may make reference to adjusted EBITDA, which is a non-GAAP measure. Management believes that Genie Energy's adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie Energy's or the relevant segment's core operating results. The Genie Energy earnings release, including a reconciliation of adjusted EBITDA to net income, is available on the Investor Relations page of the Genie Corporation website, www.genie.com. The earnings release has also been filed on a Form 8-K with the SEC. After today's presentation by Genie Energy's management there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Michael Stein, Genie Energy's Chief Executive Officer. Please go ahead.

Thank you, operator. Welcome to Genie Energy's fourth quarter and full year 2018 earnings call. Today we will discuss our operational and financial results for the three and twelve months periods ended December 31, 2018, as well as more recent developments. My remarks today will focus on our business strategy and operational results. Avi Goldin, our Chief Financial Officer will follow with an overview of our financial results. Following Avi's remarks, we will be glad to take your questions. During and subsequent to the fourth quarter, we made good progress, expanding our retail business into new geographies in the U.S. and overseas and diversifying our sources of revenue. Both of these efforts are intended not only to grow our business, but also to mitigate commodity and regulatory risk. Let me begin by updating you on our international retail expansion effort. In January, we close on the acquisition of the majority stake in Lumo Energia, a fast growing Helsinki-based supplier of renewable electricity to households throughout Finland. Lumo is positioned to pursue continued expansion in Finland and eventually in a 12 plus million meter deregulated Scandinavian market. Orbit Energy, our London based JV that operates in Great Britain is revving up its meter acquisition engine. After winning approval to begin full commercial operations earlier last year Orbit enrolled meters at a good pace in the fourth quarter. Our international expansion program also includes Japan. We acquired a license to operate in Japan during 2018 and began enrolling customers there this year. The Japanese retail market was partially deregulated in 2016 for homeowners and small businesses and is set for full deregulation next year. The opportunity in Japan is huge; 85 million potential customers purchasing over $60 billion a year in electricity. We are extremely excited about the potential. Through these three…

Thank you, Michael, and thanks to everyone on the call for joining us this morning. My remarks today cover financial results for the fourth quarter and full year 2018, the three and twelve month periods ended December 31. Before I begin, I would like to note that following the acquisition of Prism Solar in the fourth quarter we have modified our segment disclosure. Beginning with this quarter, we are now importing a new segment, Genie Energy Services or GES, which will be comprised of our solar business and our Diversegy brokerage business. Additionally, pending the outcome of the work we are hoping to do shortly at Afek, we are reporting Genie Oil & Gas as a segment comprised of Afek and our minority position in Atid [ph] drilling. Throughout my remarks, I will compare the fourth quarters' results to the fourth quarter of 2017 as well as the full year comparisons, focusing on the year-over-year rather than sequential comparison removes some consideration to seasonal factors that are characteristic of our retail energy business. Typically the fourth quarter is one of our two low consumption quarters, falling between the peak cooling season of the third quarter and the peak heating season of the first quarter. Consolidated revenue in the fourth quarter decreased to $62.8 million from $73.1 million. The decrease largely reflects the 23% year-over-year decline in average meter served that was driven by the reasons that Michael detailed in his remarks. Full year revenue, however, increased to $280.3 million in 2018 from $264.2 million. For the full year 2018, the decline in average meters served was less impactful and was offset by an increase in average consumption per meter for both electricity and natural gas as well as increased revenue per unit sold at both commodities. Revenue at GES was…

Thank you. [Operator Instructions] The first question today comes from Mike Heim with Noble Capital Markets. Please go ahead.

Thanks. Avi, would you kind of repeat the comments you made about the [indiscernible] for the change in the tax rates and why the gain this year instead of charge last year?

Sure, so as I mentioned we released the valuation allowance on a deferred tax asset. So while we were in a position where for a number of years the company was actively engaged in the oil and gas business and on a consolidated basis generating losses there was an allowance on that asset that essentially questions when you're going to be able to use it. So as a result, it basically sits on the balance sheet as a reduction. You do an evaluation on a recurring basis that basically looks at your current activity, what your projections are forward and with the reduction in spend in the international business that is for a profitable outlook. So that changes the question of when you're going to be able to make use of that deferred tax asset and when you release that valuation allowance to close to the P&L.

Okay. That makes sense. That's my only question.

The next question comes from Aaron Shafter with Green Mountain Capital. Please go ahead.

Hi, congrats on another strong quarter strong year. Few questions, one, are there any plans now or in the future to start giving guidance as to earnings?

At the current moment, we do not have plans to give guidance. You know, I think one thing we can be sure of is we believe strongly in the continued profitability of the U.S. business and we will be investing as we did this year, in some of the international business. The one we acquired we expect to be profitable, but this year, but the other two, we expect to invest.

Okay. I was speaking of the International I was wondering if you could speak to how the integration of Lumo Energia - I'm not sure if I'm pronouncing that correctly, the Finland operation is going?

So far, so good. The main points of integration are ensuring good risk management policies and procedures are in place, good auditing practices are being followed and definitely kudos to the team here that got out in front of it, really right away, sent a few people over there. Shortly after the transaction, a few people came here shortly after the transaction and it's definitely on the right track.

And you spoke about enrollments in both Japan and UK. And I'm wondering if you can say, is that going as expected? Is that going better than expected? It's worse than expected, if you could characterize the numbers versus your expectations?

Yes, I would say, the UK business - I would say they're going mostly as expected. In the UK business, the - in terms of customer enrollment, I would say definitely as expected. In terms of expected margin, it's a little lower than we were hoping for. Initially, in that we were modeling for. What we're doing to make-up for that is, is we're working hard with our vendors to ensure that we get kind of the best payment terms possible to sort of limit the need to infuse more cash into the business. And the team there has done an excellent job of handling those negotiations. So that we can - we live on the leaner margins, at least initially earlier on. In Japan, we were just getting started with customer acquisition in terms of time to market, building the team, building the operations reporting, we definitely think that's going as planned, if not better; definitely too early to tell you from a customer enrollment perspectives and gross profit perspective et cetera.

Okay. And finally regarding the Afek, in the last call in last year November, you expressed optimism that you'd receive both the permit and be able to finish the test and possibly by the end of the year. Here we're at the beginning of March, and you still haven't gotten the permit. And I'm wondering if you can explain what type of problems that you're running into? Is it just the bureaucracy, is the environmentalists fighting it? Or why do you have the reason for the delay?

Yes, this is obvious - so yes. So you are correct, I appreciate that the timeline is shifted a little bit from what we said before. It's a little bit of the bureaucracy is a fair way to say and then also as we look to us for just getting some of the equipment that we require and sort of shifted the timeline a little bit. But what we have been able to do is fundamentally sort of reduce the operations there while we're waiting, such that there's not a material direct cost to the delay. And part of the reason that for the timeline now, is we have a little bit more confidence, and I know we've said it before, but it is going to happen in I think a reasonably short time frame. And that it is - so we're going to stay within sort of a cross boundary, that's not going to be very large or anything close to what we had done in the past.

So, your timeframe is the first half of this year, is that correct? Getting more specific than that?

No.

Okay, fair enough. That's all my questions.

Thanks.

[Operator Instructions] The next question is a follow-up from Michael Heim with Noble Capital Markets. Please go ahead.

Thanks. Just a quick procedural question. You said Orbit is treated as the equity method and I'm assuming that Finland and Japan will be lumped into retail service. I guess the question is, when you do meter counts, will that include Orbits numbers or not in the retail?

So, real quick. So Orbit, as you mentioned to the equity method, Japan and Finland are within the retail energy and we do expect to include their meter numbers within retail energy. There's actually a small piece of Orbit that's already in there for the fourth quarter. So if you look at the meter numbers in our press release that we just put out, it knows that Orbit is included in the fourth quarter number.

Okay. That was really my question. Thanks.

[Operator Instructions] This concludes our question-and-answer session and our conference call. Thank you for attending today's presentation. You may now disconnect.