MARA Holdings, Inc. Q1 FY2025 Earnings Call

Operator: Good day, ladies and gentlemen, and welcome to MARA's Holdings Quarter 1 2025 Earnings Call. All lines have been placed on listen-only mode. [Operator Instructions] At this time, it is my pleasure to turn the floor over to your host, Robert Samuels, VP of Investor Relations. Sir, the floor is yours. Robert Samuels: Thank you, operator. Good afternoon, and welcome to MARA's first quarter 2025 earnings call. Thank you for joining us today. With me on today's call are our Chairman and Chief Executive Officer, Fred Thiel, and our Chief Financial Officer, Salman Khan. Today's call includes forward-looking statements, including those about our growth plans, liquidity and financial performance. These involve risks and uncertainties, and actual results may differ materially. We disclaim any obligation to update these statements, except as required by law. For more details, see the Risk Factors section of our latest 10-K and other SEC filings. We'll also reference non-GAAP financial measures like adjusted EBITDA and return on capital employed, which we believe are important indicators of MARA's operating performance because they exclude certain items that we do not believe directly reflect our core operations. Please see our earnings release for reconciliations to the most comparable GAAP measures. We hope you've had the chance to read our Shareholder Letter and look forward to your feedback. We'll begin with some prepared remarks from Fred and Salman, after their comments,