Stem, Inc. (NYSE:STEM) Q4 2023 Earnings Conference Call February 28, 2024 5:00 PM ET

Company Participants

Ted Durbin - Head of Investor Relations

John Carrington - Chief Executive Officer

Bill Bush - Chief Financial Officer

Prakesh Patel - Chief Strategy Officer

Conference Call Participants

Nick Cash - Goldman Sachs

Dylan Nassano - Wolfe Research

Thomas Boyes - TD Cowen

Justin Clare - ROTH MKM

Cameron Lochridge - Bank of America

Operator

Thank you for standing by. This is the conference operator. Welcome to the STEM Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions]

I would now like to turn the conference over to Mr. Ted Durbin, Head of Investor Relations of Stem. Please go ahead.

Ted Durbin

Thank you, operator. This is Ted Durbin, Head of Investor Relations of STEM. Welcome to our fourth quarter and full year 2023 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 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 press release. We will be using a slide presentation today to discuss our results. Our earnings press release and presentation are on the Investor Relations section of our website at www.stem.com.

John Carrington, our CEO; and Bill Bush, CFO, will start the call today with prepared remarks. Mike Carlson, COO; 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. Good afternoon, everyone and thank you for joining us today. Beginning with Slide 3, our agenda today will cover fourth quarter and full-year highlights, outline our 2024 guiding principles and provide several business updates. Bill will then discuss our financial results and introduce our 2024 guidance.

Please turn to Slide 4 on our fourth quarter and full year 2023 results and highlights. Starting on the left side of the page, we recognized $4.6 million of adjusted EBITDA. This is our first quarter of positive adjusted EBITDA in company history and meets a critical milestone goal we set for ourselves in 2022. We accomplished our goal through revenue and gross margin growth and ongoing operating expense discipline.