Ameresco, Inc.

Thank you for standing by. My name is Demi and I'll be your conference operator today. At this time, I would like to welcome everyone to the Amoresco Inc. fourth quarter and full year 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the star one again. I would now like to turn the conference over to Lita Dillon, Senior Vice President, Marketing and Communications. Please go ahead.

Thank you, Demi, and good afternoon, everyone. We appreciate you joining us for today's call. Our speakers on the call today will be George Sakalaris, Amoresco's Chairman and Chief Executive Officer, Mark Chiplock, Chief Financial Officer, and Nicole Bulgarino, President of Federal and Utility Infrastructure. In addition, Mike Backus and Josh Barabow will be available during Q&A to help answer questions. 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 2 of our supplemental information, 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 reconciliations to these measures and additional information in our supplemental slides that were posted to our website. Please note that all comparisons that will be discussed today are on a year-over-year basis, unless otherwise noted. I will now turn the call over to George. George?

Thank you, Lila, and good afternoon, everyone. We ended 2024 on a strong note, which contributed to our annual revenue and adjusted EBITDA growth of 29% and 38%, respectively. We also delivered a record project backlog and placed a record level of energy assets into operation. Fourth quarter results were highlighted by 21% revenue and 59% adjusted EBITDA growth, with particular strength in our projects and energy asset businesses, as well as the benefit from the successful sale of our non-core AEG business. Growth in our contracted backlog was a key highlight. increasing 92% year-over-year with a record of $1.1 billion in conversions during the fourth quarter. This resulted in total project backlog growth of 24% year-over-year to a record $4.8 billion. During the quarter, we also brought an additional 31 megawatts of energy assets into operation, bringing our annual additions to a record 241 megawatts. Our total operating energy assets now stand at 731 megawatts, with another 637 megawatts in development. Well, I'm very proud of our team's accomplishments. We did encounter challenges from two large legacy projects. that significantly impacted our results during the fourth quarter and the full year. While we do our best to anticipate and mitigate these impacts, there are times when we experience schedule delays and significant inflation, which result in unrecoverable cost overruns. Over time, we have tightened our project review process and applied what we have learned to better mitigate these risks. We believe that the financial impact of those two projects is largely behind us. Importantly, our team strength lies in our ability to successfully execute and deliver on hundreds of projects in a dynamically changing industry. Now, I would like to give Nicole comment on the impact of the new administration in Washington. Nicole?