Ameresco, Inc.

Thank you for standing by. My name is Dustin, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Amoresco Inc. First Quarter 2025 earnings conference call. If you'd like to ask a question, please press star and number one on your telephone keypad. If you would like to withdraw your question, please press star one again. Thank you. I would now like to turn the conference over to Lela Dillon, Senior Vice President of Marketing and Marketing and Communications. Please, go ahead.

Thank you, Dustin, and good afternoon, everyone. We appreciate you joining us for today's call. Our speakers on the call today will be George Sakolaris, Amoresco's Chairman and Chief Executive Officer, and Mark Chiplock, Chief Financial Officer. In addition, our Chief Investment Officer, Josh Barabo, 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 two 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. Good afternoon, everyone. First, I would like to thank the entire Maresco team as we celebrate the company's 25th year anniversary. It's been an amazing journey, establishing Maresco as a leader in our industry and delivering over $16 billion in customer solutions dedicated to reducing energy consumption, enhancing energy infrastructure and resiliency, and developing proven pathways to decarbonization. Well, the current environment remains challenging. The drivers of our business remain strong. Global power demand grows. Electricity costs continue to rise, and grid reliability is deteriorating, as we saw in Europe a few days ago. All of this will increase the demand for distributed, diversified, resilient energy solutions. The team's outstanding execution led to a strong start to the year with results exceeding our expectations. First quarter revenue and adjusted EBITDA grew 18 and 32% respectively. These results also highlighted the strength of our diversified business model as we experienced material growth in both our projects and energy asset business. including strong performance in Europe and Canada. We also increased our total project backlog to almost $5 billion, bringing our total revenue visibility across our businesses to almost $10 billion. This was another quarter of significant contract execution conversion success, resulting in a contracted project backlog of $2.6 billion. representing a growth rate of almost 80% year-over-year. And these positive business trends have continued into the second quarter. I also wanted to comment on some of the well-known challenges facing our industry and provide some insights into how the MRESCO team is working to overcome them. First, let me cover our work with the federal government. This business accounts for approximately 30% of our current total project backlog, with military-related customers accounting for approximately two-thirds, and GSA or civilian agency-related project work of approximately one-third. We have provided a breakdown of our backlog by end market in our supplemental slides. Because these federal contracts have multi-year execution cycles, they are expected to account for less than 20% of our 2025 project revenue. We noted in our last on-press call that we had encountered one cancellation on a project contracted earlier in January and a pause on two other contracts. We are pleased to report that the project that had been canceled has now been re-scoped. and the other two contracts have now been unposed. Also, we have not encountered any additional cancellations or delays in our federal contracts. So, while it is too early to say that there will be no additional future disruptions, we are cautiously optimistic. And as the current administration's priorities come into focus, We believe our broad and deep technical expertise in our agnostic and budget-neutral approach will help us promote our offerings. Interestingly, we are now seeing a significant number of recently issued federal RFPs focused on our core competencies of resiliency and increasing the power supply through new energy infrastructure. the government's recent release of a request for information about the possible use of DOE land to support growing demand for data centers. Following that, the DOE has identified 16 potential sites uniquely positioned for rapid data center construction, including in-place energy infrastructure with the ability to fast track permitting for new energy generation. For example, We have seen more opportunities to leverage federal lands for critical energy infrastructure projects. The Copono 44 megawatt solar and 44 megawatt battery project is a perfect example of how this can work. We leveraged an enhanced use list with the Navy at Pearl Harbor to build this critical energy infrastructure that supports not only the base, but also the Hawaiian electric grid. We are also developing a 99 megawatt firm power plant, an advanced microgrid project on the same base. We are utilizing similar structures, including enhanced uselessness, to develop data center energy infrastructure projects with the Department of Defense. As we captured on another new slide on our supplemental deck, detailing our project backlog by technology, and Maresco is very well diversified in our expertise with efficiency, resiliency, and power production solutions. Approximately 50% of our total project backlog includes energy infrastructure projects using generation technologies such as gas turbines, engines, solar, hydroelectric, and resiliency technologies such as large-scale battery storage and microgrids. We believe our solutions are a good match for the evolving energy landscape, which is demanding ever increasing amounts of electricity and higher levels of resiliency. We are very excited about the opportunities ahead for our work with not only the federal government, but with all of our customers across our core markets, including utilities, data centers, co-ops, and large CNI. I also wanted to discuss the dynamics tariff landscape that we, like every other company in our industry, are facing. First, I would like to point out that much of the equipment for current ongoing projects and energy assets in development has already been purchased and is in the country or already on the work sites, which we believe shields us from near-term price increases. Longer term, We will work to mitigate price increases during contract negotiations and reprice where possible. It's important to note that the majority of our solar and battery projects are international, and they are not subject to U.S. tariffs. As many of our shareholders know, this is not the first time that Marasco has faced tariffs or inflation, and we have experience overcoming similar difficult pricing dynamics. We have strong relationships with domestic and global vendors and a healthy backlog of projects, giving us a position of strength with our values and partners. I will now turn the call over to Mark to comment on our financial performance in 2025 outlook. Mark?