Ameresco, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Q4 2020 Amiresco Incorporated Earnings Conference call. At this time, all participants are in a listen-only mode. After this speaker's presentation, there will be a question and answer session. And to ask a question during this session, you will need to press star 1 on your cell phone. If you require any further assistance, please press star 0. Please be advised that today's conference is being recorded. Thank you, and without further ado, I'd like to hand it over to Ms. Layla Dillon, Senior Vice President, Corporate Marketing. Ma'am, you may begin.

Thank you, Paul, and good afternoon, everyone. We appreciate you joining us for today's call. Joining me here are George Sakolaris, MRSCO's Chairman, President, and Chief Executive Officer. Doran Hull, 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 GAAP to non-GAAP reconciliation as well as an explanation behind the use of non-GAAP 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, Leila, and good afternoon. I hope everyone is staying healthy and safe. First, I would like to thank our employees, customers, and partners as we all continue to effectively manage through these complex times. was a year filled with both difficulties and opportunities, and our people rose to the challenge, delivering outstanding results. This year, we increased revenues by 19% and EPS by 42%. I would also like to quickly comment on the recent changes in administration in Washington, D.C. While we work hard to make sure that MRESCO thrives regardless of the person or party in charge, we are very pleased with some of the early steps taken by the new administration, including rejoining the Paris Climate Accord and the emphasis placed on a low-carbon future. We believe this leadership and direction from the top will create significant additional business opportunities not only with the federal government, but also with our client base as climate considerations become a key element of their decision-making process. While environmental initiatives have been a strong project driver for some of the markets we serve, we are now seeing significant interest from the commercial and industrial market segment as companies prepare their strategies to achieve carbon neutrality. The fourth quarter captured a year of record performance, driven by our comprehensive advanced technology solutions across our regions and markets, delivering results above expectations. Despite the challenging business environment due to COVID-19, our team came together and executed across all levels, pulling in construction where possible, securing opportunistic work when available, and focusing squarely on the dynamic needs of our customers. Even with the particularly strong fourth quarter in 2019, we were able to continue to show year-over-year revenue growth led by our federal solutions group. As in previous quarters, this year we took advantage of continued improved access to work sites to execute on our contracted backlogs. Our energy asset and operational maintenance businesses continue to provide MRSF with predictable long-term recurring revenue, which is especially important during these economically uncertain times. These two businesses support our visibility with operational maintenance, contracted backlog of $1.1 billion, and estimated energy asset contracted revenues and incentives of $900 million. We were particularly pleased to have increased our energy assets in development and construction to over 350 megawatts. And notably, we added two new RNG opportunities with a line of sight to additional projects in this fast-growing sector. I would also like to point out that we are utilizing energy as a service, a contract structure to implement comprehensive solutions. We see increasing interest, not only with our existing Marshmart customers, but also with the larger under-penetrated commercial and industrial markets. As corporate, ESG, mandates and economics have aligned. Under our energy as a service offering, Maresco delivers energy infrastructure improvements and related technologies directly to an end-use customer. under a long-term service agreement, much like many of our long-term federal energy savings performance contracts. Our customers have no upfront capital costs, and MRSCOE is paid by the customer out of the energy savings and other deliverables determined by each contract. Our energy as a service offering is flexible in order to accommodate a broad range of customer needs Projects may include a full spectrum of energy conservation measures and renewable assets, while others may only include one or two technologies. Our customers benefit from reduced pressure on their borrowing capacity, credit metrics, and balances, while MRSP gains another profitable long-term recurring revenue stream. We also achieved another important milestone during the quarter. with the publication of our first environmental social governance ESG report entitled Doing Well by Doing Good. This report highlights 20 years of ESG achievements and importantly defines a comprehensive list of ESG goals for the future. ESG has always been part of the DNA of MRSCO with over 60 million metric tons of CO2 offset by our projects and assets. Objectivity in our solutions and diversity in our team are key components of who we are as a company. And ensuring we have the best talent at Amoresco is always our top priority. We will continue to invest heavily in social programs and focus on the policies that create a healthy and diverse workplace for our employees. We are reinforcing our commitment to the communities in which we operate, further focusing on our volunteerism month and expanding regional scholarship programs for entrepreneurial students. Our management is aligned to achieve our ambitious ESG goals and we look forward to update everyone on our ESG achievements. This year, we continue to build our contracted and awarded backlog with clean technology solutions for our clients. With a growing need for green power balanced with the need for grid stability, we continue to integrate smart infrastructure, battery storage, and other clean technology solutions in many projects. The Ford Bragg project is a great example with floating solar, battery storage, and a microgrid. We also announced our first wind farm in County Cary, Ireland. We completed several solar installations across the U.S., including San Joaquin County's Foothill Landfill in California, Wappinger School District in New York, and 11 sites within the New Bedford Housing Authority in Massachusetts. We worked with several smart cities on LED lighting conversions, including the Oregon Department of Transportation and the city of Medford in Oregon, the city of Phoenix in Arizona, the city of Virginia in Minnesota, and the city of Lawrence in Massachusetts. In addition, many smart cities focused on all-American water mirroring infrastructure upgrades, including our project with the city of Gatesville, and the Woodlands project, water project in Texas. All of these projects demonstrate a Marescos evolution into a comprehensive clean tech integrator and renewable asset developer, owner, and operator. The energy industry is going through a great transformation. Distributed energy resources, microgreens, and renewables are becoming more and more prevalent as we move towards resiliency, carbon neutrality, and as the economics become even more compelling. I will now turn the call over to Doran to provide some comments on our financial performance. Doran?