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Spark Power Group Inc.
8/15/2023
Welcome to the Spark Power Group investor call and webcast. At this time, all participants are in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. If you wish to join the queue to ask a question at any time, you can press star one on your keypad. Should you wish to remove yourself from queue, you can press star two. It is now my pleasure to turn the floor over to your hosts, Richard Perry, Executive Vice President and Chief Financial Officer for Spark Power Group. Richard, please go ahead.
Good morning and welcome to our 2023 second quarter conference call. I'm joined today by Spark Power's President and CEO, Richard Jackson. Rich will begin the morning with remarks on Q2 business highlights, a progress update on key strategic initiatives and Project Darwin. I will follow with a financial review of the second quarter, and then we will open up the call for Q&A. Before we commence the review, I would remind you that our presentation contains certain forward-looking statements that are based on current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. Further information identifying risks uncertainties and assumptions, and additional information on certain non-IFRS measures referred to in this call can be found in disclosure documents filed by the company with the securities regulatory authorities and available on CDARC. Further, these forward-looking statements are made as of the date of this call. Except as expressly required by applicable law, Spark Power assumes no obligation to publicly update or revise any forward-looking statement whether a result of new information, future events, or otherwise. I will now turn the call over to SPARC's President and CEO, Rich Jackson, for his opening comments.
Thanks, Richard. Good morning, everyone, and thank you for joining us. In Q2, we continued to build out our go-to-market plan to support the Let's Grow Better three-year strategy. We have focused on driving sustainable growth to create long-term value for shareholders as a fully integrated platform company. In Q1, we spoke to the enterprise-wide technology and One Spark business integration initiative, Project Darwin, as part of our operational excellence pillar. This continues to be a focus, and the final integration of the Canadian business is planned to be completed over the next six months. This initiative and new system will provide an improved customer experience, create operational efficiencies in both the field and back office, and create a scalable platform to support future growth. We have invested in key leadership talent to support the maturing of the company, including a new Canadian leader and sales team to drive volume in the business and focus on key areas within the go-to-market strategy. We're seeing the efforts of our teams in operations, sales, and overall management come to life through the ongoing expansion of our U.S. business in both technical and renewable services, with significant customer acquisitions in both segments. I want to acknowledge the progress made on the company's training and development initiatives. As previously announced, BARC has been the recipient in support of developing the skilled trades in the province. We continue to build tremendous momentum on the development of our training programs that place focus on the advancement of skilled trades in our organization and in the industry in general. I am proud of the momentum we are building and the solid team we now have in place. We have achieved some noteworthy customer wins in the renewable space and the U.S. technical services as part of our ongoing U.S. expansion. Large-scale O&M agreements have been awarded in key markets including Texas, Arizona, and California, particularly in solar and battery storage systems. We have transactional service projects on a T&M basis with major utilities in Florida underway, as well as significant T&M projects in various southern states with further expansion into new states in the technical services segment. All of these new opportunities are on strategy for Spark Power, and we look forward to reporting out our progress in the future. As we are starting to realize early wins from the rollout of our new , I am confident we are set to grow profitably and sustainably. I also want to highlight Spark's commitment to health and safety. Our safety performance has continued to improve in 2023, with overall recordable incident frequency rate coming down to its lowest level this year. The advancement of our safety program through new leadership and enhanced field engagement is really showing better results and an even better focus on health and safety of our employees and customers. As always, I want to thank all of our stakeholders as SPARK continues to navigate its internal integration and transition to a more mature platform company. I especially want to thank my direct leadership team and all of our employees for their perseverance and commitment to Spark. We are doing a lot as a company in unprecedented macro level conditions. I will now turn the call over to Richard to share our Q2 financial results.
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