Good afternoon. Thank you for attending the Babcock & Wilcox Enterprises First Quarter 2025 Conference Call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. I'll now turn the conference over to your host, Sharyn Brooks, B&W's Director of Communications. Thank you. You may proceed, Ms. Brooks. Thank you, Matt, and thanks to everyone for joining us on Babcock & Wilcox Enterprises First Quarter 2025 Earnings Conference Call. I'm Sharyn Brooks, Director of Communications and Marketing. Joining the call today are Kenny Young, B&W's Chairman and Chief Executive Officer, and Cameron Frymyer, Chief Financial Officer, to discuss our first quarter results. During this call, certain statements we make will be forward-looking. These statements are subject to risks and uncertainties, including those set forth in our Safe Harbor provision for forward-looking statements that can be found at the end of our earnings press release and also in our Form 10-Q that was filed this afternoon and our Form 10-K that is on file with the SEC, and provide further detail about the risks related to our business. Additionally, except as required by law, we undertake no obligation to update any forward-looking statement. We also provide non-GAAP information regarding certain of our historical and targeted results to supplement the results provided in accordance with GAAP. This information should not be considered superior to or as a substitute for the comparable GAAP measures. A reconciliation of historical non-GAAP measures can be found in our first quarter earnings release published this afternoon and in our company overview presentation filed on Form 8-K this afternoon and posted on the Investor Relations section of our website at babcock.com. I will now turn the call over to Kenny. Thanks, Sharyn, and thanks everyone for joining this afternoon. We are pleased to report a strong start to 2025 with robust first quarter results across our entire business. Our results in the first quarter reflect the strong global and North American demand for our technologies as we continue converting our $7.6 billion global pipeline of identified project opportunities into new bookings. We generated strong operating results highlighted by revenue, operating income, and adjusted EBITDA that exceeded both company and consensus expectations for the quarter. The results in the quarter were led by strong performance from our global parts and services business, which posted the highest Q1 bookings, revenue, gross profit, and EBITDA in the past decade. The company's core business continues to perform ahead of expectations, and we anticipate returning to positive cash flows in 2025. We are also excited to report a significant accomplishment from our recent strategic efforts to reduce or refinance our current debt. Earlier today, we announced that approximately 40% of our outstanding bonds had been exchanged into new five-year notes at a discount to par, which significantly reduces our current debt, lowers our overall net debt, and reduces our annual interest expense. This privately negotiated bond exchange is expected to result in $131.8 million of outstanding bonds due in 2026 being replaced with new bonds in the amount of $100.8 million that will be due in 2030. This lowers our annual interest expense by $1.1 million and combined represents a positive step in our restructuring and refinancing efforts while demonstrating continued support from our lenders and bondholders. Moving forward, we continue to explore further debt refinancing options and are in discussions regarding other potential asset dispositions to reduce our current and long-term debt obligations. In support of that objective, earlier this month, we also announced the sale of the majority of the assets of our Denmark-based waste energy subsidiary for $20 million in gross proceeds to Kanadevia Inova, formerly known as Hitachi Zosen. As part of the sale, $5 million of the $20 million in total proceeds is directed to fund our Bright Loop project in Massillon, Ohio. As a part of this asset sale, we have also entered into agreements to work together regarding the North American waste energy market, leveraging each company's best-in-class waste energy grade technologies and B&W's boiler technologies. We also entered into an agreement to jointly develop Bright Loop opportunities to leverage renewable natural gas and other applications. KBI is a global leader in waste energy technologies, carbon capture, and renewable natural gas, and we look forward to working with them on joint opportunities in the years to come. We continue to see strong global demand for our diverse portfolio of technologies and are making progress in converting our $7.6 billion global pipeline of identified project and opportunities as displayed by our strong bookings and backlog results this quarter. Our backlog of $526.8 million at the end of the first quarter was a 47% increase compared to the same period of 2024. This represents the largest backlog in recent company history as our thermal segment continues to perform based on higher baseload generation demand in North America. In addition, we achieved bookings from continued operations of $167 million, an 11% increase compared to the same period of 2024. This increase in bookings is supported by record-high bookings from our global parts and services business. We believe these results affirm our strong foundation while underpinning our pipeline and outlook for the year ahead. Our efforts to progress Bright Loop are moving forward as we further the commercial development of existing projects and continue working to improve the overall operational effectiveness of these technologies to produce low-cost green hydrogen. We are continuing to progress with engineering work for our previously announced Bright Loop projects. We are finalizing the financing for the Massillon, Ohio project, for which we have already received a significant offtake agreement. When completed, the plant will produce 5 tons of hydrogen per day. We anticipate completing financing in the next few months while simultaneously placing long lead time orders and continuing with all permits, licenses, and construction. We anticipate hydrogen production from the Massillon plant sometime by mid-2026. We also continue to see opportunities for new projects related to renewable energy in the United States, which could enable us to leverage our ClimateBright decarbonization platform and presents additional higher margin prospects. These opportunities are for behind-the-meter data center power applications as well as carbon dioxide removal technology. Looking forward, we anticipate industry tailwinds and generation demand to continue throughout 2025 and the years ahead. However, the company is also keeping a close eye on the tariff negotiations and any potential impact on the business in 2025. As stated, the company's core business continues to perform ahead of expectations, and we do again expect to return to positive cash flows in 2025. I'll now turn the call over to Cameron to discuss the financial details of the first quarter 2025. Cameron? Yeah, thanks, Kenny. I am pleased to review our first quarter results, further details of which can be found in the 10-Q that is on file with the SEC. Our first quarter consolidated revenues were $181.2 million, which is a 10% increase compared to the first quarter of 2024. The increase is primarily driven by activity related to a large natural gas project for $8.5 million, higher construction volume of $6 million, and an increase in thermal part sales of $10 million. Net loss from continuing operations in the first quarter of 2025 was $7.8 million, which was a better result compared to the net loss of $12.8 million in the first quarter of 2024. Our loss per share from continuing operations in the first quarter of 2025 was $0.11 compared to a loss per share of $0.19 in the first quarter of 2024. Our operating income in the first quarter of 2025 was $5.9 million, exceeding our quarterly expectations and outpacing operating income of $5.7 million in the first quarter of 2024. Our adjusted EBITDA was $14.3 million compared to $11.3 million in the first quarter of 2024. Bookings in the first quarter of 2025 were $167 million, an 11% increase compared to the same period last year, and ending backlog was $526.8 million, a 47% increase since the first quarter of 2024. As Kenny previously mentioned, this extremely strong quarterly booking is supported by the high performance of our parts and service business this quarter. I'll now turn to the balance sheet, cash flow, and liquidity. Total debt at March 31st 2025, was $473.6 million, and the company had cash, cash equivalents, and restricted cash balance of $116.8 million. The company's core business is performing ahead of expectations, and we continue to anticipate returning to positive cash flows in 2025, excluding Bright Loop. One of our top priorities continues to be the refinancing and reduction of our current debt obligations. As noted previously, we have recently entered into a privately negotiated bond exchange, which is expected to result in $131.8 million of outstanding bonds due in 2026 being replaced with new bonds equal to $100.8 million that will be due in 2030. This is a significant positive step in our refinancing efforts as it decreases our debt obligation by $31 million and reduces interest by $1.1 million a year. Furthermore, this demonstrates the continued support from our lenders and our bondholders. We continue to explore further debt refinancing options to extend or reduce our current and long-term debt obligations. We also continue to investigate the sale of certain other assets, similar to the sale of Denmark-based waste energy subsidiary announced earlier this month. The proceeds of these sales will be used primarily to pay down existing debt and enhance working capital. I'll now turn the call back over to Kenny. Thanks, Cameron. In closing, we remain intently focused on executing our strategic plan and driving further improvements in our balance sheet. Our global pipeline of over $7.6 billion in identified project opportunities remains healthy across all of our business segments, and we anticipate additional prospects for new bookings and stronger financial performance throughout 2025. We continue to believe our deep industry expertise with clean energy and carbon capture technologies, coupled with our long history in traditional energy sources, positions us well to deliver environmental-conscious, technology-driven solutions to our global customers. As always, I would like to recognize the efforts of our dedicated and talented employees around the world who focused on working hard and safely to deliver consistent, profitable growth for our shareholders and help meet the world's need for clean and reliable energy now and in the future. I'd also like to thank our global customer base and suppliers for their continued support of Babcock & Wilcox, and we remain excited about the prospects that lie ahead. With that, I'll turn the call back over to Matt, who will assist us on taking one or two questions. Matt. Ladies and gentlemen, we will now begin the Q&A session. If you would like to ask a question, please press Star followed by 1 on your telephone keypad. If for any reason you would like to remove that question, please press Star followed by 2. Again, to ask a question, press Star 1. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We'll pause here briefly as questions are registered. First question is from the line of Aaron Spychalla with Craig-Hallum. Your line is now o pen. Yeah. Hi, Kenny and Cameron. Thanks for taking the questions. Maybe first for me on guidance, just wanted to make sure I might have missed it, but are you kind of reiterating guidance for the year? I know you had some kind of caution on just project timing and tariffs and things like that, but with the strong start to the year, just wanted to get a little bit more color there and maybe an update on the coal-to-gas conversion project and kind of thoughts for contribution this year versus the next couple of years. Yeah. We did not touch on guidance on the call just to kind of, we are basically just keeping it where it is or was and on it and keeping an eye out for it rather than come back with different ranges and other aspects. We just said, "Let's leave it where it is," but not touch it. I think the key part we got to keep an eye on, as we have talked about offline, is the tariffs out there and the potential impact that that may have on projects. That, honestly, right now, is anybody's guess or clue with all that is going on in the world of these negotiations and discussions and back and forth and back and forth. Obviously, our customers keep an eye on those as well too. As it relates to, I think, for parts and services, as we've talked about publicly, probably not a big impact overall on the business, but some of the larger projects and upgrades and other aspects, those are things that have potential impacts, and we just have to work with our customers on timing of that. The range is broad just because if a project gets delayed a month or two because of tariffs or other aspects, as people kind of wade through their strategies in and around those, it just has an impact overall on the business. We just kind of didn't touch it on any update or any other conversation around the guidance on it. On the natural gas project right now, it's actually proceeding on schedule and doing its on time, on schedule for us and the customer. That's the large one in Indiana, so that's progressing, I think, well. Hopefully, the tariff aspects don't impact that at all from any kind of delays that may happen later on this year. The bulk of the shipment of inbound technology will happen later this year, early into next year. Any impact from the tariffs on that would not be realized until then. I think both us and the customer are just keeping a close eye on these constant negotiations and updates coming out of Capitol Hill, and we'll make a kind of a real game-time decision and strategy around those tariffs when we get closer to those activities, if that makes sense. No, it does. Thank you. Maybe second, with the asset sale, it sounds like some of those proceeds are going to be going to Massillon. Can you just remind us of the timeline for that project? You touched on it a little bit, but just total kind of costs from you and for the overall project. Sounds like financing's still coming together there. Just what that could mean for other projects in the pipeline as that gets up and running. Yeah. So obviously, Massillon's important for us to get in the ground. We have been and still working through the overall financing of that aspect of it. The project itself probably, at this stage, needs around $40 million or $50 million of additional financing to complete that project. We have, as we stated, would not go too much further on this, but as we are in discussions with some financing options on the company, that is clearly one of them, and we are working through those details as we speak. Hopefully, we can complete that here in the next few months and then just release all of the orders that we have pending. The main bulk of that need right now is in the construction area, and we really want to get the construction teams on-site, on-ground here in the fall of this year. We're trying to stay to that schedule as we speak, and then with the anticipation, depending on the winter, how light or hard it is, anticipate producing hydrogen sometime by mid-next year at this stage. I think as we move ahead with that project and move forward on that, some of the other options or opportunities, not options, but opportunities that we're working on will start to really move more into a serious booking mode sometime in 2026. That's the feedback we're getting as we still work through some of the pipeline aspects out there. The pipeline of opportunities for Bright Loop seem to be growing. This is opportunity phase, clearly, but within the oil and gas industry and some other heavy gas suppliers that are still looking at utilizing natural gas to hydrogen. The value here that Bright Loop brings is it brings an alternative that says, "Hey, if you want to isolate CO2 today, great. If you do not, fine," up to the customer. Obviously, if there are other mandates on CO2 in the future, that option has been built in. There is very little cost then for that new plant to have to convert to carbon capture. It is a matter of what you want to do with the CO2 because we capture it as part of our process. There are significant capital savings versus other natural gas to hydrogen technologies. That is one of the reasons for getting a lot of attention on this technology right now as some of these larger companies are looking at alternatives to steam methane reform and ATR, which clearly SMR and ATR are proven bondable, bankable technologies, right? It's been out of the marketplace for quite some time. Bright Loop is new. The Massillon plant and getting the commercial plant up is vitally important. We also continue to have dialogue and are in discussions with the Department of Energy and other groups on Capitol Hill to participate either in Massillon or one or two of these other projects that we're involved in, Wyoming and/or West Virginia. Hopefully, some of that will move to a favorable outcome as well too. Way too early to tell, but those discussions and conversations still continue. Understood. Thanks for taking the questions. I'll turn it over. Appreciate the call. Yeah. Thanks, Aaron. Thanks, Aaron. Thank you for your question. Next question is from the line of Rob Brown with Lake Street Capital Markets. You're on the line now, Rob. Good afternoon. You had a pretty strong demand environment going on. What are some of the drivers that are kind of driving that at this point? On the demand side, was that what you're asking? I'm sorry, you cut out briefly there. Yeah. Sorry. You had a very good bookings quarter. I think you said one of the best in 10 years. Just wanted to get a sense of some of the drivers for that demand at this point. Yeah. I mean, the exciting part about where we are, I mean, obviously, baseline generation worldwide, right, has really increased. The concept of increasing the utilization of some of our core technologies in and around coal plants are still vitally important to meet that baseline generation. We're just seeing some of the pickup from not only those plants, but other small plants as well too that could be natural gas, package boilers, other aspects. Overall, from a parts and services standpoint, we're just seeing the need of baseline generation increase. Typically, Q1 for us is a little bit light normally in our parts and services business. It was pretty exciting to see the demand come in. It was global in reach. It was international as well as in domestic North America for us on that. Primarily driven, if you go back to the basic aspect of it, a lot of these plants are being used more and more and more. Some of those plants last year may have shifted some of the outage work and delayed some of the outage work. As a result, they have more parts wear and tear that they need to maintain. Some of these plants are placing orders, trying to anticipate parts and other aspects that they're going to need later on this year. There are combinations of all of those pieces that are happening across the board, but it's just exciting to see it translate into a very positive Q1. Okay. Great. I guess you touched on it a little bit, but do you expect sort of normal seasonality with a bit of a step up throughout the year in terms of just the demand cycle or the activity cycle and those outages? Yeah. I think we'll still see a normal seasonality in the parts and services. The outages obviously create some of that happening as well too. I think Q2 will be always low like Q1 is, and Q3, Q4 will do better for sure. We don't anticipate seeing much difference on that, even given the current aspect around it. It's good to be a little bit ahead of the curve from a planning standpoint on where the demand's coming in on parts and services, but I think seasonality is there. I know Cameron and you might have a different thought on that, but. No, I think that's exactly right. I think there's some lower this quarter, but I think the seasonality is a big part of it. No, I agree completely. Okay. Great. Thank you. I'll turn it over. Thank you for your question. There are no additional questions waiting at this time, so I'll pass the call back to Sharyn Brooks for any closing remarks. Thank you for joining us today. This concludes our conference call. A replay will be available for a limited time on our website. If you have a question that was not addressed during today's call, please feel free to reach out to our Investor Relations Team at investors@babcock.com. Thank you. That concludes the conference call. Thank you for your participation. You may now disconnect.