ENOC

EnerNOC, Inc. (ENOC)

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EnerNOC, Inc. (ENOC)

Q1 2009 Earnings Call Transcript

May 6, 2009 5:00 pm ET

Executives

Will Lyons – IR

Tim Healy – Chairman, CEO and Co-Founder

David Brewster – President and Co-Founder

Neal Isaacson – SVP and CFO

Analysts

Paul Clegg – Jefferies

Sam Dubinsky – Oppenheimer

Sean Hazlett – Morgan Stanley

Bryce Dille – JMP Securities

Elaine Kwei – Piper Jaffray

John Roy – Janney Montgomery Scott

Presentation

Operator

Good day, and welcome to the EnerNOC fourth quarter 2009 conference call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Will Lyons. Please go ahead, sir.

Will Lyons

Thanks. Good afternoon and thank you for joining EnerNOC’s first quarter 2009 investor conference call. Speaking today will be Tim Healy, EnerNOC’s Chairman and Chief Executive Officer; David Brewster, EnerNOC’s President; and, Neal Isaacson, EnerNOC’s Chief Financial Officer.

Today’s presentation contains estimates and other statements that are forward-looking under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and involve a number of factors that could cause actual results to differ materially from those expressed or implied by such statements.

Additional information concerning these factors is contained in EnerNOC’s filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q, available at www.sec.gov. The forward-looking statements included in this call represent the company’s view on May 6th, 2009. EnerNOC disclaims any obligation to update these statements to reflect future events or circumstances.

This call also includes discussion of both GAAP and non-GAAP financial measures. Information regarding EnerNOC’s use of these measures as well as a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure is available on our first quarter 2009 financial press release, which was issued today after the market closed. This release can be found on the Investor’s section of our corporate Web site www.enernoc.com.

With that, I’m going to turn the call over to Tim.

Tim Healy

Thanks, Will. Good afternoon, everyone, and thank you for joining us on our first quarter conference call. As many of you saw from our press releases and related reports, the first quarter was one of continued strong growth for EnerNOC. We believe that the growing momentum of our business can be traced back to the sound strategic decisions and investments we have made in our business to date once they position us to continue winning profitable market opportunities that complement the increased leverage in our business.

We also believe that our strong start to 2009, our growing demand response in energy efficiency pipelines, and our innovative technology applications continue to differentiate us in the market, keeping us squarely on track to be casual positive from operations in the second half of 2009 and profitable in 2010.

In my third remarks, I want to touch on some key metrics related to our growth and leverage starting the quarter as well as the growing pipeline for our demand response and energy efficiency solutions. David will then discuss our recent public announcement of a technology development that we are very excited about.

Finally, Neal is going to give a detailed summary of our solid first quarter financial results. You will hear that EnerNOC continues to flourish and that our record business expansion year-to-date has enhanced our 2009 financial outlook, giving us the confidence to raise our revenue to meet this guidance this year.

(Audio Gap)

Operator

This is the conference operator. I do apologize for the interruption. One moment, please.

(Audio Gap)

Please, go ahead.

Tim Healy

Okay. Thank you. Thank you very much for staying with us today. I think there were some technical difficulties. We want to thank everyone for joining us on this first quarter conference call.

And as many of you saw from our press releases and related reports, the first quarter was one of continued strong growth for EnerNOC. We believe that the growing momentum of our business can be traced back to the sound strategic decisions and investments we have made in our business to date wants to position us to continue winning profitable market opportunities that complement the increased operating leverage in our business.

We also believe that our strong start in 2009, our growing demand response in energy efficiency pipelines, and our innovative applications continue to differentiate us in the market, keeping us squarely on track to be cash flow positive from operations in the second half of 2009 and profitable in 2010.

In my prepared remarks, I want to touch on some key metrics related to our growth and leverage during the quarter as well as the growing pipeline for our demand response and energy efficiency solutions. David will then discuss our recent public announcement of a technology development that we are very excited about.

Finally, Neal will give a detailed summary of our solid first quarter financial results. In short, you’ll hear that EnerNOC continues to flourish and that our record business expansion year-to-date has enhanced our 2009 financial outlook, giving us the confidence to raise our revenue and EPS guidance for the year.

So let’s begin with some key metrics that highlight our strong execution and business momentum. During the first quarter of 2009, our CNI sales team maintained its exceptional phase, delivering record business expansion of megawatts under management in our network. Specifically, we exited the quarter with over 2700 dispatch able megawatts under management in our network, an increase of approximately 650 megawatts during the quarter. This represents the best quarterly sales performance in our company’s history, exceeding Q1 2008 by approximately 67%. And to put this in perspective –

(Audio Gap)

Operator

(Operator instructions)

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