Start Time: 17:00 January 1, 0000 6:02 PM ET

Stem, Inc. (NYSE:STEM)
Q1 2024 Earnings Conference Call
May 02, 2024, 17:00 PM ET

Company Participants

John Carrington - CEO
Bill Bush - CFO
Prakesh Patel - Chief Strategy Officer
Ted Durbin - Head of IR

Conference Call Participants

James West - Evercore ISI
Jon Windham - UBS
Andrew Percoco - Morgan Stanley
Thomas Boyes - TD Cowen
Justin Clare - ROTH NKM
Ryan Lee - Goldman Sachs
Joe Osha - Guggenheim Partners
Kashy Harrison - Piper Sandler

Operator

Greetings, and welcome to Stem, Inc. First Quarter 2024 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Ted Durbin, Head of Investor Relations. Thank you, Mr. Durbin, you may begin.

Ted Durbin

Thank you, operator. This is Ted Durbin, Head of Investor Relations at Stem. Welcome to our first quarter 2024 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-Q 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 release. We will be using a slide presentation today. Our earnings 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. Prakesh Patel, Chief Strategy Officer, will also be available for the question-and-answer portion of the call.

Now I'll turn the call over to John.

John Carrington

Thanks, Ted. Good afternoon and thank you all for joining us today. Beginning with Slide 3 in our agenda, we will cover our first quarter results, product announcements, and business updates. Then Bill will discuss our financial results in greater detail.

Now let's turn to Slide 4 on our first quarter 2024 results and highlights. We continue to execute on our three guiding principles in the first quarter. We delivered record non-GAAP gross margin and near breakeven performance on operating cash flow. We also accelerated our pace of annual recurring revenue activations. And finally, we launched another software-only product offering.