Montrose Environmental Group Inc at William Blair Growth Stock Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : Cool. Well, we got 10 minutes left, so maybe I'll start it off, and we can just open it up, I don't see why not. Let's stand in front of the mic. Are we good? Whatever. (laughter) I'm going to pre-empt probably a lot of your questions and just ask about the PFAS settlement. On Friday, DowDuPont, Chemours, there's another one, well, they split off but -- I mean, they reached a $1 billion settlement, then there's a rumor that 3M, there's a $10 billion settlement out there. Does this impact your opportunity set at all? The way I think about it is, it probably does. Because even though this was anticipated, now this is probably some secured money coming in, some actual dollars that can be dedicated to remediation that was still outstanding. And now it's a little more, I guess real? I don't know, but I -- very curious how you would think about this, how this impacts your business, if at all. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 06, 2023 / 5:00PM, MEG.N - Montrose Environmental Group Inc at William Blair Growth Stock Conference

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : Okay.

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : Just to be clear, I mean, what you're saying is, like, the MCL, maximum contamination limits were proposed, but not settled for PFAS, and yet here we are seeing cases being settled. Just in case anyone wasn't clear, like what you meant by that, right?

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : Yeah.

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : Yes. Okay. Got it. I don't want to take up all the time. We have five minutes left, happy to open it up to the floor if there are any questions. No need to be shy. My goodness. Okay. Well then, I'm going to keep asking questions because you -- actually I did get a question. Someone emailed me while you were talking. They saw 14% was your largest customer in '22 and that is large and is -- I think when someone sees that and they go, that's a risk. But what you've told me in the past, actually, our largest customer in '22 was not our largest customer in '21, was not our largest customer in '20. So it's kind of showing there might be a little bit more diverse, but maybe you could talk about that better than I can -- who these large customers are, if you could name them, if you can't, like what they're in, and why that's not maybe -- why customer concentration might not be a risk.

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : Yes.

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : That's good enough.

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : Different again this year, and not the same business lines, perhaps?

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : Okay. All right. So hopefully that answers the question from someone. I also saw, or I heard you mention, just in passing in your prepared remarks, exciting news coming down the pike on biogas or the usage of different waste streams?

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : I'm not asking you to pre-empt or front run, although I think this is an excellent opportunity to do it, but maybe you could just highlight a little bit more what you mean by that, or what the tech is, what you guys do, and what might be exciting about that?

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : Yes.

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : Right.

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : Yes.

Question: Tim Mulrooney - William Blair & Company, L.L.C. - Analyst : That's exciting.