Ameresco, Inc.

Today, ladies and gentlemen, thank you for standing by and welcome to the Mariresco Inc. Second Quarter 2022 Earnings Conference. At this time, all participants are on a listen-only mode. Later, we'll conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Ms. Leila Dillon, Vice President of Marketing and Communications. Ms. Dillon, you may begin.

Thank you, Valerie, 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 Holt, Executive Vice President and Chief Financial Officer, and Mark Chiplock, Senior 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. Today's earnings materials contain forward-looking statements, including statements regarding our expectations. All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the safe harbor language on slide two, and our SEC filings for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements. In addition, we use several non-GAAP measures when presenting our financial results. We have included the reconciliation to these measures in our supplemental financial information. I will now turn the call over to George. George?

Thank you, Lila, and good afternoon, everyone. I am very pleased to report that Q2 was another record quarter for MRSCO. both in our financial results and in our team's tremendous execution. We achieved growth across all four of our business lines and drove a substantial increase in profitability. This outstanding performance demonstrates the strength of our people, the fortitude of our business model, the expanding market opportunities and the operational diversity and flexibility that is part of our entrepreneurial culture. These corporate characteristics also enable MRESCO to better navigate the industry-wide inflationary and supply chain pressures being experienced in the market. I wish to thank the entire MRESCO team along with our valued customers partners, suppliers, and subcontractors who have worked together with us to mitigate these challenges. Before we discuss the strong quorum, I do like to provide an update on our Southern California Erison Battery projects. During the second quorum, we made substantial progress on the projects, achieving a number of key milestones despite COVID, supply chain, and permitting challenges. Just last week, I walked all three sites and our team is doing an excellent job executing. I am pleased with the progress that they are making at each project site. Approximately two-thirds of the batteries for the projects are on site and the balance in transit. We now expect 200 to 300 megawatts of capacity to be in service in September. I continue to expect completion by the end of this year. I'm also very pleased by the extraordinary efforts of both the Maresco and the Southern California Edison teams in working around the clock to deliver this battery storage project this year. This is a true example of the partnership, and together I know we will succeed in providing critical resiliency and reliability to the California grid. Turning back to our Q2 highlights, our robust revenue growth was led by our projects business. We continue to not only execute on the Southern California Harrison projects, but they also were able to execute more quickly on other large projects due to early and unexpected customer approvals. While we had the benefit of great results, we also continued our new business momentum this quarter. We added $223 million of new awards to our project backlog. But what I am particularly excited about is that our proposal activity was at multi-year highs in the second quarter, more than double the level of previous years. This clearly demonstrates that customers are seeking solutions to address their increasing energy costs, resiliency needs, and carbon reduction goals. For example, we have seen a total of seven comprehensive federal requests four proposals in the first half of this year, compared to only five for all of 2021. But our proposal activity was not just limited to federal. We are developing and delivering many exciting advanced technologies, renewable energy, battery storage, and traditional energy efficiency projects across all customer segments and all online geographies. We also have exciting news from the energy asset side of the business. We signed our largest ever combined PV solar and battery steel, the Copono Solar LLC asset. We are thrilled to be partnering on this with Bright Canyon Energy, a wholly owned subsidiary of Pinnacle West Capital Corporation. Bright Canyon will also be an equity owner in this asset, making our first marking our first energy asset equity partnership. The asset is designed to include 42 megawatts of solar energy and 42 megawatts, 168 megawatt-hour battery storage system. It will be installed on Joint Base Pearl Harbor Hinkam under a 37-year enhanced use lease, enter it with the Department of Navy. Upon its expected completion in early 2024, it will operate under a 20-year power purchase agreement with Hawaiian Electric and will provide clean and resilient energy to the island of Oahu. We look forward to executing on this and working on other future opportunities with Bright Canyon Energy. Turn over the call to Doran to provide some comments on our financial performance. Doran?