Ameresco, Inc.

Good day, ladies and gentlemen, and thank you for standing by. And welcome to the MRSCO Inc. Second Quarter Earnings Call. At this time, all participants are on the listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ms. Leila Dillon, Vice President, Marketing and Communications. Ms. Dillon, you may begin.

Thank you, Kevin, and good afternoon, everyone. We appreciate you joining us for today's call. Joining me here are George Sakalaris, Amoresco's Chairman, President, and Chief Executive Officer, Doran Holt, Senior Vice President and Chief Financial Officer, and Mark Chiplock, Vice President and Chief Accounting Officer. Before I turn the call over to George, I would like to make a brief statement regarding forward-looking remarks. This call contains forward-looking information regarding future events, and the future financial performance of the company. We caution you that such statements are predictions based on management's current expectations or beliefs. Actual results may differ materially as a result of risks and uncertainties that pertain to our business. We refer you to the company's press release issued this afternoon and to our SEC filings. These documents discuss important factors that could cause actual results to differ materially from those contained in the company's projections or forward-looking statements. We assume no obligation to revise any forward-looking statements made on today's call. In addition, we will be referring to non-GAAP financial measures during this call. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. A gap to non-gap reconciliation, as well as an explanation behind the use of non-gap financial measures, is available in our press release and in the appendix of the slides, which can be downloaded from our website. I will now turn the call over to George.

George? Thank you, Lila, and good afternoon. I hope everyone is staying healthy and safe. First, I would like to state how proud I am of the entire Maresco family. Across our broad geographic footprint, our employees quickly transitioned to the new working environment and performed their jobs extremely well with no significant interruptions. Also, our robust corporate technology infrastructure built over many years has enabled many of our employees to continue to work remotely. With strong job performance by our team comes strong financial results. Our exceptional second quarter results have kept us on track for a record year, and we continue to have very good visibility for 2021 and beyond. In the second quarter, MRSCO experienced broad-based revenue growth across our project, renewable assets, and operation and maintenance businesses as we continued to focus on executing on our backlog. Our business improved throughout the quarter due to strong execution, less restrictive work environments, and favorable weather conditions. We not only executed efficiently on contracted projects, but also worked hard to grow our strong contracted backlog year over year. While our smart solution projects continue to yield cost savings, provide resiliency, and measurable environment benefits for our customers, I would like to highlight a couple of areas where communities are yielding other tangible benefits. Since our inception, public housing authorities serving low-income populations across a moriscous footprint have been an important market for us. Energy efficiency, renewables, and improved building infrastructure are all examples of the type of work we have done for these communities. This includes improvements to HVAC, hot water, building envelopes, lighting systems, energy-efficient windows, and even roof-mounted solar PV. This work not only saves energy, but it also improves residents' overall quality of life, especially comfort, health, safety, and security. These benefits have become notably important in the current environment as residents are spending more time at home. And Maresco has developed and deployed specific COVID-19-related project management and construction protocols, which have enabled us to execute on these projects with no major slowdowns. Given ongoing budget constraints worsened by COVID-19, municipalities across the country are looking for quick payback money-saving projects. In response to this, Maresco launched a customer-focused initiative promoting health and safety in the workplace. Touchless controls, updated HVAC systems, automated entry and exit systems are just a few of the energy conservation measures that can make an immediate impact on reopening offices, schools, campuses, and facilities. These measures include can be often implemented as part of the overall energy efficiency project with zero upfront costs. In addition, MRESCO continued our extensive work with LED streetlight conversions. With decades of experience and many large deployments under our belt, MRESCO is now the nation's largest ESCO provider of municipal LED streetlight conversion services. Dramatic cost reclines in LED technology has created a rapid payback for LED conversion projects, providing energy savings of 60% to 70% compared with legacy lighting solutions. In addition to immediate energy savings, LED conversions also substantially reduce expensive ongoing maintenance costs, given the much longer life span of LED technology. This is especially true for lights on high-speed roadways, given the extra requirement for expensive traffic control. Even though the savings are clear, only about half of existing municipal streetlights and traffic signals have been converted to LEDs. We expect the additional financial pressures from COVID-19 on municipalities will only accelerate the historic conversion rate, and adoption of advanced technology controls. Maresco is not only able to perform the conversion work, but we also can provide or assist in financing these projects, creating an extra incentive requiring no upfront capital. Maresco's federal business continues to show strong momentum in the quarter. We signed a comprehensive contract for the installation and operation of the 38 million energy infrastructure project at the Marine Corps Air Station, Cherry Point. The project supports the investments we have made in development and expanding our advanced technology portfolio. Features of the project include wastewater treatment optimization, air-free lighting modernization, electrical distribution upgrades, smart mirrors, and cybersecurity network improvements, a new measure growing in importance. Maresco was also one of five awardees on a five-year large design-built construction contract vehicle with a capacity of $975 million. The project At the Naval Facilities Command, Mid-Atlantic will support recovery efforts funded in the aftermath of Hurricane Florence at Marine Corps facilities in North Carolina. Our long-term strategy of increasing the mix of recurring revenue streams continue to strengthen our business model, providing a high level of visibility during periods of uncertain economic conditions. During the quarter, Our MRSCOS assets and operational and maintenance businesses show only minor impacts due to COVID-19 related disruptions, demonstrating the great resiliency of these business units. We continue to grow our assets in development pipeline, including green gas and solar, and with additional operational maintenance contracts. In summary, The COVID-19 situation remains our priority. We continue to follow the highest safety standards and protocols to protect our customers, our partners, and our employees. While this presents many challenges, we expect to once again achieve record results for the year. We believe that our critical cost savings services and flexible financing capabilities will be in even greater demand in post-cost COVID-19 environment. Our aggressive investments over the years in our people and capabilities put us in an excellent position to execute in this greatly expanding market opportunity. I will now turn the call over to Doran to provide some comments on our financial performance.