Ameresco, Inc. (AMRC) Earnings Call Transcript & Summary

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Ameresco Annual Meeting. At this time, I would like to turn the conference over to Mr. George Sakellaris. Sir, please begin.

Thank you. Good morning, everyone, and welcome to Ameresco's 2020 Annual Meeting of Stockholders. I will now call the meeting to order. We hope you are well and appreciate your attendance, your interest and most importantly, your support of Ameresco. We are pleased to hold our annual stockholders meeting virtually this year to accommodate the safety measures in place across the country during this time. Although we are not present, we encourage your full participation. Stockholders may submit questions at any time during this meeting in the space provided on the virtual meeting screen. During the annual meeting, questions from stockholders should pertain to the proposals being considered at that particular time. Stockholders wishing to ask other questions will be given an opportunity to do so following the meeting. I am pleased to introduce the other members of the Board of Directors who are present at today's meeting, including David Anderson, who also serves as an Executive Vice President; David Corrsin, who also serves as Executive Vice President, Secretary and General Counsel; Doug Foy; Jennifer Miller; Tom Murley; Nickolas Stavropoulos; Joe Sutton; and Frank Wisneski. Also from the company, I would like to introduce Leila Dillon, Vice President of Marketing and Communications; Doran Hole, Senior Vice President and Chief Financial Officer; and Kate Salley, Assistant General Counsel. Also attending this meeting from RSM U.S. LLP Ameresco's registered public accounting firm, R. Will McConney and Jeff Susi. Mr. Susi and Mr. McConney will be available to answer questions during the general question-and-answer session. I will now turn the meeting over to Mr. Corrsin, who will act as Chair for the meeting. David? Dave are you there?

Sorry, I was muted. I have received an affidavit from Broadridge certifying that the notice of the annual meeting and proxy statement were sent to all stockholders of record as of April 1, 2020. This list of stockholders is available for inspection during this meeting by any stockholder on the virtual meeting site during the meeting. Doran Hole has been appointed to act as inspector of election. Mr. Hole, would you please confirm that we have a quorum present?

I confirm that a quorum exists.

Thank you, Doran. On the basis of the affidavit of mailing and the report of Inspector of election, I find that proper notice has been given and that a quorum is present. Accordingly, this meeting has been properly convened. The polls for voting on all matters are open. All Ameresco stockholders entitled to vote at this meeting have the ability to do so online. If you are a stockholder entitled to vote and have not yet voted or if you want to change your previously cast vote, please do so via the website used to access this meeting. Please remember that you have already voted by proxy, it is not necessary to vote again. After voting has been completed on all matters on the agenda, we will close the polls and the inspector of election will provide his preliminary report. We will now move to a review of the proposals. The first matter to come before the meeting is the election of directors. The 3 nominees for election are: David J. Anderson, Thomas S. Murley, and Frank V. Wisneski. Are there any questions or comments on this proposal?

There are no questions, Dave.

Seeing none, we'll move on to the second proposal. The second proposal to come before the meeting is the ratification of the selection of RSM U.S. LLP as the company's registered public accounting firm for the current fiscal year. Are there any questions or comments on this proposal?

There are no questions or comments, Dave.

Seeing none, we'll move on to the next proposal. The third proposal to come before the meeting is an advisory vote on executive compensation. Are there any questions or comments on this proposal?

There are no question or comments showing up, Dave.

Seeing none, we'll move on to the next proposal. The fourth proposal to come before the meeting is the approval of an amendment to the company's 2017 employee stock purchase plan to increase the number of shares of our Class A common stock to be available for purchase by eligible employees under the ESPP from 200,000 to 350,000. Are there any questions or comments on this proposal?

There are no questions or comments, Dave.

Seeing none, we'll move on to the final proposal. The final proposal to come before the meeting is approval of the company's 2020 stock incentive plan. Are there any questions or comments on this proposal?

There are no questions or comments showing up, Dave.

Seeing none, we'll move on to the next proposal. The polls are about to close. If you have not voted, please do so. [Voting]

Since everyone has had the opportunity to vote, the polls are now closed. The next item on the agenda is the preliminary report of the inspectors. Any ballots collected before the polls closed but not reflected in the preliminary report will be reflected in the final report of the inspector of elections. Mr. Hole, would you please report the preliminary results of the meeting?

Thank you, Dave. Based on the preliminary report, all of the nominees have been elected as Class 1 directors of the company. The selection of RSM U.S. LLP as the company's registered public accounting firm has been ratified. The compensation of the named executive officers has been approved on an advisory nonbinding basis. The amendment to the company's 2017 employee stock purchase plan has been approved. And the company's 2020 stock incentive plan has been approved.

Thank you, Doran. That concludes the business for the meeting. The meeting is now adjourned. I now invite you to ask any questions you may have regarding the company and its business. Please follow the instructions provided on the virtual meeting screen to submit questions. Kate, any questions?

No, I was giving a minute for any to show up, but I am not showing any. There are no questions so I think we can move on.

Okay. Well, thank you, all. Ladies and gentlemen, thank you for attending today's meeting.

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.