Stem, Inc. (NYSE:STEM) Q3 2022 Earnings Conference Call November 3, 2022 5:00 PM ET

Company Representatives

John Carrington - Chief Executive Officer

Bill Bush - Chief Financial Officer

Bob Schaefer - President of AlsoEnergy

Prakesh Patel - Chief Strategy Officer

Ted Durbin - Head of Investor Relations

Conference Call Participants

Brian Lee - Goldman Sachs

David Peters - Wolf Research

Maheep Mandloi - Credit Suisse

Brett Castelli - Morningstar

Operator

Welcome to the Stem, Inc. Third Quarter Conference Call. At this time all participants will be in a listen-only mode. Later we will conduct a question-and-answer session.

I would now like to turn the call over to your host, Ted Durbin, Head of Investor Relations. Mr. Durbin, you may begin sir.

Ted Durbin

Thank you, Operator. This is Ted Durbin, Head of Investor Relations at Stem, and we welcome you to our third quarter 2022 earnings call. Before we begin, please note that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. We therefore refer you to our latest 10-K and our other SEC filings.

Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our earnings release. We will be using a slide presentation today. Our earnings release and presentation are on the Investor Relations portion of our website at www.stem.com.

John Carrington, our CEO, and Bill Bush, CFO, will start the call today with prepared remarks. Bob Schaefer, President of AlsoEnergy, and Prakesh Patel, Chief Strategy Officer, will also be available for the question-and-answer portion of the call.

And now, I will turn the call over to John.

John Carrington

Thank you, Ted. Starting with slide three and the agenda for our call today, I will review the third quarter 2022 results and highlights, followed by an overview of our strong commercial execution. Next, I will update everyone our continued technology leadership. And finally, a new compelling offering we believe will enable more customer choice and enhance our margins. Following my remarks, I will turn the call over to Bill Bush our Chief Financial Officer, who will discuss our financial results in more detail.

Turning to slide four, today we reported strong third quarter results, including record revenue of $100 million, representing 148% year-over-year growth. I am very proud to note this is our first triple digit revenue quarter in company history. Revenue came in 4% above the high end of our guidance range for the quarter, while full-year margins and EBITDA are tracking in-line with our expectations. We achieved record results on revenue, contracted backlog, pipeline and contracted annual recurring revenue or CARR.