Ladies and gentlemen, thank you for standing by, and welcome to the Advanced Emissions Solutions Q4 2020 Earnings Call. At this time, all participant lines are in a listen-only mode. I would now like to hand the conference over to your speaker today Investor Relations. Thank you. Please go ahead.

Thank you. Good morning everyone, and thank you for joining us today for our fourth quarter and full-year 2020 earnings results call. With me on the call today are Greg Marken, Interim President, Chief Executive Officer and Treasurer; and Chris Bellino, Chief Accounting Officer. This call is being webcast live within the Investor section of the website and a downloadable version of today’s presentation is available there as well. A webcast replay will also be available on the site and you can contact Alpha IR Group for Investor Relations support at 312-445-2870.

Thanks a lot and thanks to everyone for joining us this morning. Before we begin, I would like to take a moment to thank Chris Bellino, who has joined me on our past few earnings calls and will be retiring at the end of the month. Chris has been with ADES for six years and has served in a variety of roles during that time, and has been integral to the Company's success. We wish her well in retirement and thank her for her service to the Company. After market close yesterday, we published our fourth quarter and full-year results that were aligned with our expectations. Tinuum was able to complete two additional transactions in the fourth quarter, bringing our investment facilities up to 23 now, which continues to support our forecasts and after-tax cash flows and our investment in our go forward strategy as a provider of choice for activated carbon solutions. The performance of our activated carbon business exceeded the fourth quarter of 2019, and we are carrying encouraging business momentum into 2021. We once again beat our internal volume forecasts are now turning to optimizing our current product mix to enhance the earnings profile of the segment. And just last month, we announced a second supply agreement with Cabot to sell our activated carbon and other products through Cabot sales channels in Europe, the Middle East and Africa, which is incremental to the 15-year master supply agreement we announced in September.

Thank you, Greg. Let's turn to Slide 4 for our financial review. Fourth quarter earnings through equity method investments were 5 million compared to 12.1 million for the fourth quarter of 2019. Full year earnings and equity method investments were 31 million compared to 69.2 million in 2019. The decline in earnings from equity method investments during the fourth quarter and full year was due to low earnings continually grew, primarily driven by higher depreciation on all two new and group RC facilities.

Thank you, Chris. Turning to Slide 5, you can see the expected future RC cash flows. Based on the 20 invested facilities at the quarter end and cash distributions received during the fourth quarter, we are updating our expectation of future after-tax RC cash flows to ADES to be between $70 million and $90 million. Absent an unexpected change to the duration of the section 45 tax credit, Tinuum does not expect to obtain additional tax equity investors for any incremental facilities. Slide 6 reflects the growth channels we have been discussing where we are either currently active or have identified as future opportunities. When we acquired Carbon Solutions in December of 2018, we immediately became the go to provider of activated carbon solutions for coal-fired power plants that needed to meet mercury air toxic standards. Since that time, coal-fired power generation has declined faster than ours and even the EIA's initial expectations. Cheap and abundant alternative fuel sources led to coal to gas switching, and we responded by engaging more aggressive diversification efforts to lower our reliance on power generation. We were very aggressive in an effort to obtain new volume wins and increase the capacity utilization of the plant. We since have generated solid traction in other markets industries such as manufacturing and waste management that are bound by admission casts. We are also seeing better than expected share gains in water purification and we have an active and robust funnel of bids currently in place. We are now producing activated carbon more efficiently as we are capitalizing on the low cost nature of the asset and seeing important improvements to our margin profile. Unfortunately, our total volume has remained under pressure, as these adjacent markets have not been able to fully offset the decline in power generation.…