Thank you, Joe. Welcome to our second quarter 2021 earnings call. Joining me on the call are Vijay Manthripragada, our President and Chief Executive Officer and Allan Dicks, Chief Financial Officer. During our discussion today, we will be referring to our earnings presentation, which is available on the Investors section of our website. Our earnings release is also available on the website. Moving to Slide 2, I’d like to remind everyone that today’s call will include forward-looking statements that are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ in a material way due to known and unknown risks and uncertainties that should be considered in evaluating our operating performance and financial outlook. We refer you to our recent SEC filings, including our final prospectus filed with the SEC on July 23, 2020, which identify the principal risks and uncertainties that could affect any forward-looking statements as well as future performance. We assume no obligation to update any forward-looking statements. In addition, we will be discussing or providing certain non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margins. We provide these non-GAAP results for informational purposes and they should not be considered in isolation from the most directly comparable GAAP measures. Please see the appendix to the earnings presentation or our earnings release for a discussion of why we believe these non-GAAP measures are useful to investors and the reconciliation thereof to their most directly comparable GAAP measure. With that, I would now like to turn the call over to Vijay, beginning on Slide 4.

Thank you very much, Rodny, and welcome to all of you joining us today. I will provide you with a few business highlights and then hand it over to Allan for our financial review, and we will then open it up to Q&A. I will speak generally to Pages 4 through 8 of the presentation made available to you. But before diving into them, let me start by saying we are pleased to see what we believe are our long-term tailwinds for our business continuing to drive strong results, including in the second quarter and first half of this year in 2021. We could not have achieved these results without the focused execution of our team members, and I am truly grateful for them. Their dedication to providing excellent service to our clients and supporting each other continues to differentiate Montrose. The second point I would like to make is that though the Q2 and first half 2021 results speak for themselves, our team’s emphasis on quality, safety, and teamwork is further highlighted in our inaugural ESG report, which we published at the end of July and which you can find on our website. The report touches on many of the themes we value culturally and the impacts of our culture on our business performance. We look forward to engaging with all of you on how we can continue to integrate ESG into our operating decisions. And finally, before delving into some of the themes for the quarter, I would like to reiterate our previous message about how we view Montrose in our business. Because demand for our environmental services does not follow fiscal quarter patterns, Montrose is best assessed on annual results. This is how we manage and forecast our business and how we expect others to view our results as well. So with that, given our solid results in the first half of the year, we believe we will exceed our 2021 objective of over 20% annual revenue and EBITDA growth. I will expand on the trends in a few moments, but our results and increased guidance for the year are driven by strong organic growth across all of our segments, accretive acquisitions, and a robust set of investment opportunities. Since our last earnings call in May, our organic growth and strategic rationale for acquisitions remain supported by several key trends. We believe continued private sector emphasis on environmental stewardship, coupled with evolving federal and state or provincial environmental regulatory initiatives across our key markets, will drive continued demand for our services in the years to come. For example, the U.S. EPA announced a few weeks ago that it will set stricter requirements for how coal-fired power plants dispose of wastewater containing Arsenic, Lead, and Mercury. It also expects to add the first new hazardous air pollutant under the Clean Air Act since 1990. And regarding greenhouse gases, the U.S. Department of Transportation notified pipeline operators to expect to curb methane emissions in compliance with the 2020 Pipes Act. Furthermore, at the U.S. state level, the continued regulation of PFAS is creating opportunities for our remediation and water treatment businesses, with Maine recently passing and Wisconsin proposing new regulations regarding PFAS in the environment. In Canada, there are two significant changes to regulations beginning in January of 2022 that will drive market growth for our LDAR and OGI businesses. Regulations focused on upstream oil and gas companies will require them to monitor and report emissions three times a year. Additionally, new Canadian rules will mandate implementing comprehensive LDAR programs at petrochemical facilities. In Australia, we were pleased to renew a multiyear contract with the Australian Department of Defense to operate and maintain water treatment systems at three of the country’s military bases, highlighting their commitment to responsible PFAS remediation and minimal waste generation. Concerning upcoming regulations or political initiatives, this week we were happy to see the U.S. infrastructure package pass the Senate with bipartisan support. This is a great example of how we foresee tailwinds to our business from both sides of the political spectrum, just as we observe increasingly great leadership and innovation by both Republican and Democratic-leading states here in the United States. We are also excited to see our customers engage us on environmental stewardship initiatives driven more by corporate ESG strategies than by regulations. For example, proactive measures to reduce emissions or address the rising issue of PFAS compounds in the environment. We also expect that corporate responses to infrastructure redevelopment and decommissioning initiatives will continue to drive the environmental assessment market and associated activities. It is important to note that our business remains resilient and largely insulated from political swings. We are encouraged to see increased political will across parties to help the environment, and we are particularly optimistic about the recent emphasis on environmental stewardship by the capital markets. We have discussed variations of these themes in our past calls with you, but as our expectations and outlook start to manifest themselves, we remain increasingly upbeat about the future of Montrose and our environmental solutions. On Pages 6, 10, and 11 of the presentation, I’ll point to some year-to-date and LTM numbers to help keep focus on the importance of measuring our performance over longer time periods. Excluding the impact of discontinued services in the prior year period, year-to-date 2021 revenue has increased by 106%. Additionally, we were very pleased to see 9% organic growth in the first half of 2021, excluding our response team and 47% organic growth, including our team, CTEH. Adjusted EBITDA on a year-to-date basis grew by 94% compared to the prior year period, given revenue growth. This strong year-to-date performance has put us on track for another year of record results. At the segment level, within our Assessment, Permitting, and Response segment, most of the segment is CTEH. The leadership team at CTEH has done a stellar job, and they’ve converted the pandemic response and business continuity service into long-term strategic contracts with new and large industries, particularly in the technology and media entertainment sectors. I’ve mentioned to you before that CTEH historically was a $60 million to $80 million annual revenue business. We now believe that run rate has increased organically to an annual $75 million to $95 million business. There are three main reasons for this. One, there are more crises driven by climate change or otherwise, examples of which include hurricanes, floods, fires, or recently, the pandemic. The June fire in the Midwest, which was part of their traditional response service, required air quality monitoring and evaluations, is one of the most recent examples. They also have a larger market share. The number of our strategic MSAs has increased by double digits in 2021. Last but certainly not least, they have expanded their services. Our software, for example, helps state agencies administer responses to environmental emergencies and is a new source of value to customers. These variables are multiplicative and intrinsically tied into the broader Montrose footprint, and I am thrilled with the team. Our strategic expectations for the combination of CTEH and Montrose are starting to manifest themselves as we continue to execute as one cohesive team. Concerning CTEH supporting clients through the pandemic, we had said last quarter that we expected the revenue surge to taper in Q3 and Q4 of this year. However, what the team now sees is that the Delta variant is sustaining demand for their business, and as a result, they expect demand to continue at elevated revenue levels into Q3 and Q4 of this year. Within the segment and excluding CTEH, our higher-margin assessment, permitting, and ecological service businesses are seeing a nice organic uptick. Examples of drivers for our services include the new renewable fuel standards rulings under the American Innovation Manufacturing Act to phase down hydrofluorocarbons and client inquiries related to various net-zero initiatives. Our acquisition of Environmental Intelligence in California better positions us to capture what we believe to be a growing demand for ecosystem services, and I’m incredibly excited about that team joining Montrose as well. Within the measurement and analysis segment, demand continues to grow and remains strong. The revenue increase versus Q2 of 2020 is due to rising demand across all of our environmental testing services. Specifically, we’re seeing high demand for specialized air test methods and our PFAS analytical services. Our PFAS capabilities were bolstered by the recent acquisition of Vista Analytical in California, which is another stellar addition to our MLP franchise. We are also seeing increased demand from non-regulatory drivers such as the OGMP gold standard certification, which is very encouraging for all of us. In our third segment, Remediation and Reuse, we are seeing strong organic growth driven by both our PFAS water remediation technology and our waste-to-energy services. With our recent acquisition of the MSE Group in January, which I mentioned on the last call, coupled with our unique IP for water contaminated with high concentrations of PFAS, we believe we have further positioned ourselves in the U.S. Federal Environmental sector, where we’re seeing more remedial investigations, remedial design, and remediation for issues such as PFAS. In terms of our opportunities to allocate capital into our business, research, development, and talent, our strong organic growth across each of our segments is a function of our continued investments in environmental technology and innovation, and our people. Since the launch of our new R&D department in 2020, we have made great strides in building out our patent portfolio and supporting the creation of new solutions for our clients. Our work around PFAS destruction, for example, continues to resonate. Regarding our recruitment and retention of top talent, we continue to do well, especially at the director level and above; retention remains strong. I am thrilled with the caliber of the team we’ve built here at Montrose. Our business is our people, and we remain invested in their continued success. Our M&A pipeline also remains very strong. So far in 2021, the acquisitions of MSE, Vista, EI, and Sensible IoT are not only strategically and financially accretive but are also bringing us very close to achieving our annual goal of $10 million in acquired EBITDA. We are already observing cross-selling success in several key areas, highlighting the benefits from these transactions. This Monday, we announced the addition of Sensible IoT to the Montrose platform, augmenting our software and data analytics capabilities. In summary, I would like to conclude by extending a big thank you to our Montrose teams for their hard work and dedication over the past 12 months. July marked our first full year as a public company, and we performed as we did because of the dedication of our team members around the world. Thank you to all of you for your efforts. These results belong to you. As I have said before, we are also grateful for and appreciate the continued support of all of our shareholders as we push forward into what looks like an increasingly exciting future. With that, let me hand it over to Allan. Thank you.

Thanks, Vijay. We are extremely pleased to have delivered solid second-quarter results, which reflect the resiliency of our entire team, the focused execution of our growth strategy, and the in-demand nature of our environmental solutions. We produced strong year-over-year performance from our core businesses and have continued to execute on our M&A strategy with the recent closing of our fourth acquisition in 2021. Moving to our revenue performance on Slide 10, we continue to drive strong growth across our business during the uncertainty of the COVID-19 pandemic. Our second-quarter revenue increased by 85% to $136.2 million compared to the prior year quarter. Year-to-date, revenues were up 100% versus the prior year period, totaling $270 million. The primary driver of revenue growth was organic growth across all of our business segments, as well as our acquisitions of CTEH in early April 2020 and MSE in January of the current year. As we have discussed on our prior earnings calls, we completed the process of discontinuing service lines early in the second quarter of 2020, which partially offset our year-to-date and second-quarter 2021 comparisons. Excluding discontinued service lines, revenues would have increased by 88% in the second quarter of 2021 and 106% year-to-date. We don’t discuss organic growth on a quarterly basis as year-over-year quarterly comparisons can be misleading. However, on a year-to-date basis, organic growth was 47%. We also monitor organic growth without CTEH, given the episodic nature of CTEH’s emergency response revenues and the benefit from pandemic response services, which are not necessarily part of the long-term run rate revenues. Year-to-date organic growth without CTEH was 9%, which is at the high end of our expected 7% to 9% annual organic growth expectations. Looking at our adjusted EBITDA performance on Slide 11, second-quarter adjusted EBITDA grew 51% to $21 million, and the adjusted EBITDA margin declined by 340 basis points to 15.4% of revenue. Year-to-date, adjusted EBITDA grew 94% to $37.8 million, and the adjusted EBITDA margin declined by 40 basis points to 14% of revenue. The improvement in adjusted EBITDA was primarily driven by higher revenues. The year-over-year change in margins for both periods was mainly due to business mix changes. The planned and expected normalization of margins in certain business lines followed temporary COVID-related cost mitigation actions taken in the prior year, which have now been reversed, along with public company costs in the current year. An important part of the Montrose story that I will reemphasize is that our performance needs to be assessed annually. This is how we evaluate the business, due to the stronger predictability of the business on an annual basis. This is consistent with how we hire staff, allocate resources, and manage the company. Turning to our business segments on Slide 12, in our Assessment, Permitting, and Response segment, second-quarter revenue grew to $70.1 million from $18.6 million in the prior year, and adjusted EBITDA improved to $14.8 million from $5 million in the prior year. The significant year-over-year increases in both revenue and adjusted EBITDA were mainly driven by CTEH, which has seen an acceleration in demand to provide pandemic response related services, as well as organic growth in our other business lines in the segment. CTEH revenues in the second quarter were $65.9 million. The decline in segment adjusted EBITDA margin to 21.2% was a result of lower margin COVID work performed by CTEH. In our Measurement and Analysis segment, second-quarter revenue increased by 7% to $39.7 million, primarily attributable to increased organic growth. Adjusted EBITDA margin declined to 24% due to business mix and the reinstatement of certain costs that had been temporarily suspended at the outset of the COVID-19 pandemic. And finally, in our Remediation and Reuse segment, second-quarter revenues increased by 46% year-over-year to $26.4 million, reflecting growing organic demand for PFAS remediation and waste-to-energy services, as well as the acquisition of MSE. The 320 basis point increase in remediation and reuse adjusted EBITDA margins to 16.3% was a result of operating leverage as we begin to realize the benefits of the investments made in this segment. Adjusted EBITDA margin in this segment continues to reflect the impact of elevated fixed costs and investments in anticipation of further growth and geographic expansion. Moving to our capital structure on Slide 13, year-to-date cash flow used in operating activities was $17 million, a decrease of $15.4 million compared to the prior year. Cash used in operations includes payment of acquisition-related contingent consideration of $15.5 million and $6.2 million in the current and prior years, respectively. Excluding these acquisition-related payments, year-to-date cash used in operating activities was $1.5 million in the current year. Compared to cash generated by operating activities of $4.6 million in the prior year, this represents a decrease of $6.1 million. This decrease was driven primarily by a $30.9 million increase in working capital versus the prior year change in working capital. The increase in working capital in the current year resulted from an increase in revenues in the current quarter compared to the fourth quarter of 2020. This increase in working capital was partially offset by higher year-to-date earnings before non-cash items versus the prior year of $23.3 million. Cash flow from operations in the second quarter of 2021, before the payment of contingent consideration, was $12.4 million or 59% of adjusted EBITDA. We continue to expect strong cash flow from operations for the balance of the year and a long-term conversion of adjusted EBITDA into operating cash flow at a rate in excess of 50%. This incorporates our expectation that as a growing company, we will continue to focus on balancing the generation of cash with investments in technology, R&D, and infrastructure to ensure continued scalability. As of June 30, 2021, we had cash of $40.2 million and total debt of $240 million. Our net leverage ratio at June 30, 2021, as calculated under our credit facilities, was 3.1x and within our long-term target leverage range of between 2.5x and 3.5x. As discussed during last quarter’s call, in April, we entered into a new sustainability-linked credit agreement, which expanded our borrowing capacity to $300 million and reduced our cost of borrowings at our current leverage ratio to LIBOR plus 2%, while providing for some nominal basis point pricing adjustment based on our performance against certain sustainability and ESG-related objectives. As a reminder, our Series A-2 preferred stock has no maturity date, and we have the option, but not the obligation, to redeem the preferred shares at any time for cash, subject to a make-whole payment in the first three years. We view this preferred equity instrument as favorable to the potential value in the business given its flexible dynamics. If you include the $182 million balance of the Series A-2 equity in our market cap, our total equity capitalization stands at approximately $1.7 billion. Moving to our full-year outlook on Slide 14, based on the momentum evident in our business, we are increasing our full-year adjusted EBITDA estimate to a range of $70 million to $75 million, which is up from previous guidance of $63 million to $70 million. Our updated guidance implies adjusted EBITDA growth of 29% to 38% year-over-year. The increase from our prior range reflects our strong results in the second quarter and the continuation of elevated CTEH results from COVID response work, a continued stream of project wins, and our recently closed acquisitions. As a reminder, this outlook is based on a combination of high single-digit organic growth for the year, excluding CTEH, plus the contribution of completed acquisitions. Although we expect to continue making strategically and financially accretive acquisitions, our outlook does not include any benefit from future acquisitions. In summary, we are thrilled to build upon our strong first quarter results in the second quarter. Demand for our services remains resilient, and our raised outlook for 2021 reflects a unique opportunity to deliver value through our differentiating focus on environmental solutions. Though the timing of projects can influence quarterly performance, we are confident in our ability to produce another year of excellent results. Looking further ahead, we remain optimistic on the economic and political drivers in our growing addressable market as customers seek to distinguish their business through ESG stewardship and additional rules and regulations begin to take shape as the environmental impact of industrial activities and emerging contaminants such as DuPont become more central political issues. Accretive M&A opportunities will continue to be a focus for this team as we seek to expand our geographic footprint and offer more value through additional service lines and technologies to our customers in our immense addressable market. We look forward to the opportunities ahead and sincerely appreciate your interest in Montrose. Thank you all for joining us today. Operator, we are ready to open the lines for questions.

Our first question is from Tim Mulrooney with William Blair. Please proceed.

Good morning, Vijay. Good morning, Allan.

Hi, Tim.

So I just want to make sure I’ve got a couple of things straight. It looks like maybe you raised your guide for organic growth, annual organic growth, for 2021 a little bit maybe. It was mid-single digit to high single-digit range last quarter. And now according to the outlook section of your press release, it looks like the guide is inclusive of more like high single-digit organic revenue growth. So maybe you raised it to the high end of your typical annual range. Is that primarily being driven by the strength in CTEH relative to your prior expectations? Or is that primarily coming from other areas of the business? Thank you.

Hi, Tim, this is Vijay. We continue to assert that we expect the business to grow mid to high single digits. So we’re not changing that narrative. But you are correct, given the strong performance through the first half of this year, we expect to be at the high end of that range this year. But we’re not changing our broader narrative around our expected trajectory relative to the industry in the medium and long-term. The high single digits is exclusive of CTEH. That does not include their performance; including CTEH, we are closer to 50% organic. So the mid to high single digits that you referenced and the 9% that we alluded to in the release is excluding CTEH.

Okay, got it. I wasn’t sure. I know CTEH was strong in the back half of last year. So I wasn’t sure if you were expecting some headwinds there which, I guess, maybe gets me to my next question. You expect – you now expect CTEH revenue to remain elevated in the second half of the year. I was wondering if you could unpack that a little more for us because is this elevated above normalized levels of kind of $20 million a quarter or significantly elevated levels similar to what we’ve seen through the first two quarters of this year?

Yes. So Tim, just stepping back, the $20 million per quarter that you referenced was off of the legacy kind of $60 million to $80 million, and we now think it’s more like $75 million to $95 million per year. So I think $20 million to $25 million will be elevated above their run rate through Q3 and Q4. It’s hard to peg exactly what the number will be because of the nature of the response services and the business continuity services they are providing. But the team is doing a great job, and they remain pretty optimistic that the demand cycle will continue through the back half of this year. So when we talk about elevated, we usually reference that in comparison to what we would expect to be their annualized quarterly run rate.

Understood. Thank you very much.

Thank you.

Our next question is from Andrew Obin with Bank of America. Please proceed.

Hi, yes. Good morning.

Hi, Andrew.

Hi, Andrew.

Hi, how are you? Just – I guess, I’ll ask more question on CTEH. Look, clearly, there are some structural changes in the business. You sort of talked about more services, better market share. Could it become a more stable business? How do you think about margin profile change? And more importantly, going into ‘22, how should we think about CTEH? Can it stay flat given everything you’ve done to the business so far?

Let me try to parse that a little bit, Tim. The team...

Simple question, simple question.

Yes. Let me take that piece by piece. So in terms of more services, more market share, I believe that has structurally shifted the business in a very positive direction, and we’ve spent some time with the CTEH leadership team to understand the various levers there. Let’s take incidents like the pandemic and the hurricanes, floods, and fires that we’ve referenced before and the increased frequency aside for a second. The structural shifts that they have done an exceptional job of executing on is signing up more MSAs. As opposed to one-time relationships with many of these clients, these are now long-term strategic partnerships, which give us a greater opportunity to meet those clients’ environmental needs. When we talk about more services, for example, an illustration of that is the utilization of their software capabilities to help administer for our clients, both at the government and private sector levels, their various response needs. It’s a very nimble software architecture, providing the team with a unique advantage and a real value proposition for clients, which can be monetized. And these two variables play into our belief that structurally, CTEH is both stable and at a higher level compared to where they were two years ago. Now, regarding your second question about sustaining the current run rate, Allan mentioned that they have done over $130 million through the first half of this year, representing an exceptionally strong performance. No, we don’t anticipate that being their new baseline.

Got it. Great answer. Thank you. And just to clarify, you have closed a couple of deals last quarter, can you just tell us what’s the contribution – EBITDA contribution of the deals that you’ve closed so far versus your prior guidance in the second half?

Yes, they vary. Let me touch on the deals specifically, Andrew. MSE is fairly typical of that segment with a run rate of high teen EBITDA margin. Vista, within the Measurement and Analysis segment, tends to run single digits, but this runs double digits on the PFAS testing side. Environmental Intelligence is in our advisory ecosystems side, and that tends to run about 20% EBITDA margins. Again, this is in aggregate; I’m discussing the segments generally speaking. These businesses have varied impacts on our broader portfolio. The second half of the year is when we expect their contributions to be felt more, but they haven’t significantly shifted our margin expectations materially. The one variable worth noting is that as Allan alluded to, due to the outperformance of the CTEH business and its differentiated margin profile, that may impact our annual end results from a mix perspective. However, the core non-CTEH part of Montrose continues to perform as previously articulated to you.

Okay, guys. Great performance. I will talk to you later. Thanks.

Thank you.

Our next question is from Jim Ricchiuti with Needham & Company. Please proceed.

Thank you. Good morning. So a question on the CTEH business is, if we see a little stronger revenue from at least the COVID-related business in the previous quarters, I think a lot of that was testing that went was, in some cases, outsourced to other labs. Should we assume that there will be a similar type of margin profile as that business is a little stronger in the second half?

We’re working with the team to mitigate the impacts of the testing services through CTEH P&L, Jim. We hope that this trend does not continue. While we don’t believe it will, in the foreseeable future, I think that’s a fair modeling assumption for the back half of the year for now.

Got it. I know it's early days as far as discussions and speculation about the infrastructure bill and what it could mean for Montrose. I’m curious, first, how you guys are looking at it internally? And the second question I have is, yes, I don’t normally think of you as doing a lot of outreach, but is this an area where it might lend itself in some ways to outreach as you start seeing needs arise in certain markets?

The infrastructure bill represents opportunities primarily in advisory and testing, Jim. What I mean is the enactment of initiatives related to upgrading or building bridges, roads, or water infrastructure creates inherent assessment and testing needs for our clients. We expect to see downstream demand from the start of these initiatives. In select instances, aspects of those programs may result in a need to redevelop or remediate existing water tables or soil, which also represents opportunities for us. We’re not going to build a road or bridge, but the environmental assessments, remediation, and testing associated with that activity are beneficial to us. That’s where we foresee the near-term opportunity.

It does. But you would assume that it would be more demand flowing in, not necessarily you seeing opportunities and maybe reaching out to clients to at least talk about what you might be able to bring to. Okay.

We are active in dialogue with clients around our capabilities, increasing our ability to not only cross-sell services but provide a comprehensive set of solutions for our clients. This is occurring independent of the infrastructure bill; however, we expect to benefit from it.

And last question for me is just on one of the acquisitions that caught my eye, the California Environmental Intelligence and obviously, given your expertise in wildfire mitigation, which unfortunately continues to be in the news. To what extent are there potential synergies opportunities with your other lines of business? I’m even thinking with respect to something like a CTEH.

Yes. I mean, there are a couple of levers of opportunity. We tend to think of transactions over the long-term, Jim. In the immediate term, it’ll be about integration of that team and cultural alignment, which we’re excited about since it’s a great group of folks. The expertise in ecosystem services, particularly related to fire mitigation for the utility industry, is complementary to some of our capabilities in northern California. The demand for these services is increasing, which is encouraging for us. In terms of immediate opportunities, we believe more likely testing services due to impacts from fires will be necessary, requiring both data analytics—which ties in with our recent acquisition of the Sensible IoT platform—and testing for air quality and ongoing remediation. Some customers are also discussing the PFAS compounds used to extinguish these fires, which aligns with our strong capabilities in that area. I foresee both of those as near-term opportunities. CTEH’s response expertise is certainly a value add, but the question becomes client allocation of liability and risk, which is less clear. There is definitely opportunity, but I would consider it more long-term.

It does. Got it. Thank you.

There are no further questions at this time. I would like to turn the call back to Vijay Manthripragada for closing remarks.

Thank you and thank you again to all of you for joining us this morning. We’re incredibly excited about what the future holds, and we appreciate all of your support. Take care and be well.

This concludes today’s conference. You may disconnect your lines at this time. Thank you very much for your participation and have a great day.