Good morning, and welcome to Genie Energy's First Quarter 2022 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions]. After today's presentation by Genie Energy's management, there will be an opportunity to ask questions. Please note this event is being recorded. I will now turn the call over to Brian Siegel of Hayden IR.

Thank you, operator. On this morning's call with me is Michael Stein, Genie's Chief Executive Officer; and Avi Goldin, Genie's Chief Financial Officer who will discuss operational and financial results for the three months period ended March 31, 2022. 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 the reports that we file periodically with the SEC. Genie 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 their remarks, management may make reference to adjusted EBITDA, a non-GAAP measure. Management believes that Genie's measure of adjusted EBITDA provides useful information to both management and investors that supplement our core operating results. Our earnings release 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 to their respective segment's income from operations for all periods presented. Our earnings release is posted on the Investor Relations page of the Genie Corporation Web site, genie.com, and has been filed on a Form 8-K with the SEC. I will now turn the conference call over to Michael.

Thank you, Brian. Welcome to Genie Energy's first quarter 2022 earnings call. Today, I will go through a brief overview of our business and opportunities followed by a discussion of our first quarter results. Avi Goldin, our Chief Financial Officer will then provide a deeper dive into the financial results. And then we will be glad to take questions. As a reminder, business transitions and some weather anomalies complicated our financial statements in fiscal 2021. As a result, we will provide pro forma information in our investor presentation that will be posted on our Web site in the coming days to give investors a view of how the existing businesses have performed historically and to provide for current and future comparisons. Moving to a quick overview of our business, Genie Energy owns a portfolio of assets that offer an attractive investment opportunity within the energy space and our diversification, both as to our product offerings and geographically, reduces our risk profile while providing significant upside opportunities as we saw over the past two quarters. In the U.S., our asset-light Genie Retail Energy business, or GRE for short, has demonstrated a resilient ability to generate cash in a variety of market conditions. This business currently operates in 17 of 27 deregulated states, plus Washington DC. And our mid to long-term strategy is to opportunistically grow when market conditions warrant by taking share in existing territories, expanding into new areas, and offering additional products and services to our installed base. We will also at times take steps to slow growth and protect margins over a shorter time horizon when market conditions dictate, which is what we did in the fourth quarter and much of the first quarter. Our next business unit, Genie Retail Energy International, GREI, is an emerging growth business that…

Thank you, Michael, and thank you all for joining us this morning. My remarks today cover our financial results for three months ended March 31, 2022. Throughout my remarks, I will compare the first quarter of 2022 to the first quarter of 2021, focusing on the year-over-year rather than sequential comparisons, controls for the impact of seasonal factors that are characteristic of our retail energy businesses. The first quarter is typically characterized by seasonally elevated per meter electricity and gas consumption, as it includes the peak heating months of January and February. The headline for the first quarter is that Genie delivered record results. The results were driven by strong performance of our core retail business were benefited from a strategic decision made in the fourth quarter to moderate customer load and adjust the hedge book accordingly, ahead of what was shaping up to be a volatile winter. Additionally, when comparing this quarter to the year ago quarter, I want to point out that last year's results reflected the $13 million negative impact of Winter Storm Uri in Texas and losses at Genie Japan which we sold in last May. Consolidated revenue decreased 8.3% to $98.5 million. At Genie Retail Energy, our domestic supply business, revenue decreased 7.5% to 83.9 million reflecting a 19% decrease in electricity sales. Kilowatt hours sold decreased 37%, partially offset by a 28% increase in revenue per kilowatt hour. The decrease in kilowatt hours sold was largely a result of a reduction in our customer base. As I mentioned, beginning in the fourth quarter of 2021, we sought to maximize the value of our forward commodity position and reduce our exposure to price volatility by pausing certain customer acquisition efforts and allowing lower margin customers, including those acquired through municipal aggregation deals, to attract [ph]…

We will now begin the question-and-answer session. [Operator Instructions].

Our great quarter has left everyone speechless.

Yes, we can just close it out.

There are no questions in queue. Thank you. Ladies and gentlemen, this does conclude today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.