Good day, and thank you for standing by. Welcome to the First Quarter 2025 Unitil Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there'll be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Chris Goulding, Vice President of Finance and Regulatory. Please go ahead.

Good afternoon, and thank you for joining us to discuss Unitil Corporation's first quarter 2025 financial results. Speaking on the call today will be Tom Meissner, Chairman and Chief Executive Officer; and Dan Hurstak, Senior Vice President, Chief Financial Officer and Treasurer. Also with us today are Bob Hevert, President and Chief Administrative Officer; and Todd Diggins, Chief Accounting Officer and Controller. We will discuss financial and other information on this call. As we mentioned in the press release announcing today's call, we have posted information, including a presentation, to the Investors section of our website at unitil.com. We will refer to that information during this call. Moving to Slide 2. The comments made today about future operating results or events are forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that can cause actual results to differ materially from those predicted. Statements made on this call should be considered together with cautionary statements and other information contained in our most recent annual report on Form 10-K and other documents we have filed with or furnished to the Securities and Exchange Commission. Forward-looking statements speak only as of today, and we assume no obligation to update them. This presentation contains non-GAAP financial measures. The accompanying supplemental information more fully describes these non-GAAP financial measures and includes a reconciliation to the nearest GAAP financial measures. The company believes these non-GAAP financial measures are useful in evaluating its performance. With that, I will now turn the call over to the Chairman and CEO, Tom Meissner.

Thank you, Chris, and good afternoon, everyone. Thanks for joining us today. I'm going to begin on Slide 3, where today we announced adjusted net income excluding acquisition-related costs of $28.4 million and adjusted earnings per share of $1.74 for the first quarter of 2025. This is an increase of $1.2 million or $0.05 per share compared to the first quarter of 2024. This is an exciting time for our company as we recently completed the acquisition of Bangor Natural Gas and recently announced agreements to acquire Maine Natural Gas as well as 3 water utilities: Aquarion Water of Massachusetts, Aquarion Water of New Hampshire and Abenaki Water of New Hampshire. These acquisitions provide a great opportunity to expand our regulated operations in states where we currently operate and support our long-term rate base and earnings growth. We're very excited by these opportunities and believe our focus on delivering high-quality, affordable service will benefit the customers and the communities served. I'll provide additional information about these acquisitions shortly. Lastly, I'm pleased to announce that we are reaffirming our long-term guidance for earnings growth, dividend growth and rate base growth. In addition, over the next 5 years, we expect the recently announced acquisitions to support earnings growth toward the upper end of the 5% to 7% range. Moving now to Slide 4. I'd like to start by saying that both Bangor Natural Gas and Maine Natural Gas are a perfect complement to our existing operations in Maine. We closed Bangor Natural Gas on January 31 and announced Maine Natural Gas on April 1. We're purchasing both companies at attractive multiples and view the additions as a cost-effective way to expand our service areas. We will be adding about 15,000 customers in some of the most attractive areas of the state where…

Thank you, Tom. Good afternoon, everyone. I'll begin on Slide 9. As Tom mentioned, we announced first quarter adjusted net income of $28.4 million and adjusted earnings per share of $1.74, representing an increase of $1.2 million or $0.05 per share compared to the same period in the prior year. Our first quarter 2025 results were consistent with the quarterly earnings distribution chart provided during our previous earnings call in February. Moving to Slide 10, I will discuss our Electric adjusted gross margin. For the 3 months ended March 31, 2025, Electric adjusted gross margin was $27.5 million, an increase of $0.4 million or 1.5% compared to the same period in 2024. The increase in Electric adjusted gross margin reflects higher distribution rates and customer growth. The company added approximately 970 electric customers compared to the first quarter of 2024. And as noted during prior calls, Electric distribution revenues are substantially decoupled, which eliminates the dependency of distribution revenue on the volume of Electricity sales. Turning to Slide 11, I will discuss our Gas adjusted gross margin. For the 3 months ended March 31, 2025, Gas adjusted gross margin was $70.9 million, an increase of $9.9 million or approximately 16.2% compared to the same period in 2024. The increase in Gas adjusted gross margin reflects higher distribution rates and customer growth as well as a return to normal winter weather in 2025. The company added approximately 9,230 new Gas customers compared to the same period in 2024, including 8,730 customers from the Bangor acquisition which closed at the end of January. Approximately 55% of the company's gas customers are under decoupled rates, and we estimate that decoupling supported Gas margin by approximately $0.02 per share in the first quarter. Looking at existing operations excluding the Bangor acquisition, Gas adjusted gross…

Thanks, Dan. Ending now on Slide 16. We had a strong and busy start to the year and we are very pleased with our operating and financial performance. Our core businesses are performing well, and we are actively carrying out our strategic initiatives and pursuing growth opportunities. The company is heading in a great direction and we strongly believe we are in a better position than ever before to provide long-term sustainable value. With that, I'll pass the call back to Chris.

Thanks, Tom. That wraps up the prepared material for this call. Thank you for attending. I will now turn the call over to the operator who will coordinate questions.