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Ryan Greenawalt : Thank you, Jason. Good afternoon everyone, and thank you for joining us today. I'll begin with a quick overview of our fourth quarter and full year 2023 results. Then provide a current assessment regarding the business conditions in our end user markets, followed by an update on our growth strategy. After I conclude, Tony will provide a detailed analysis regarding our financial and operating performance. I am pleased to report we achieved record results in 2023. Our performance would not have been possible without the complete dedication and solid execution by the Alta team. I sincerely thank you. The momentum in our business clearly continued during the fourth quarter as we capitalized on the broad based strength in our end user markets.

Total revenues grew 21.7% over the year ago quarter to a quarterly record of $521.5 million for the fourth quarter and increased 19.4% to $1.9 billion for the year. Revenues for our construction segment increased 22% to $328.1 million in the fourth quarter and 12.9% to $1.1 billion for the year. Material handling revenue increased 16% to $179 million for the quarter and 19.4% to $681.5 million for the year. New and used equipment sales grew 25.5% from $817.2 million in 2022 to just over $1 billion this year. This is an annual record and as we celebrate this milestone we should also highlight a versatility and resilient of our business model, which generated over $519.6 million in high margin parts and service revenue across the business segments in 2023, an increase of 17.7% year-over-year.

Alta is unique in the breadth of our product offerings, the scale of our addressable market and the defensiveness of our market position. Our focus is on driving and sustaining long-term equipment field population and driving aftermarket support penetration to an increasingly diversified customer base. Providing our customers with best-in-class support to keep their fleets highly utilized with as little downtime as possible remains the central focus of our operations. At the end of the year, we had over 1,300 factory trained and certified revenue producing technicians. Today's investor presentation includes on Slide 10 an overview of some of the attractive features of Alta's equipment dealership business model, including protected exclusive areas of primary responsibilities or APRs, exclusive rights to OEM replacement parts, proprietary diagnostic software to service the field population, warranty repair work that must be performed by authorized dealers, factory training to assure expert product support capabilities and annuitized product support revenue streams with pricing power given exclusivity for replacement parts and scarcity of skilled labor.

Another important differentiator of a dealer integrated rental business is our ability to utilize our widespread and professional sales team to get the most return on retailing used rental equipment to customers rather than simply offloading to an auction house. This allows us to keep the valuable aftermarket returns from our parts and service expertise within our APRs. Not to downgrade our rental capabilities, but I want to reiterate that our business' core competency lies in our operational excellence as a top performing dealer providing full scope equipment solutions to our customers through professional sale and service capabilities. I'll now talk about current business. Our outlook for 2024 is positive as there are multiple opportunities for continued growth in our business segments and expansive end user markets.

Most importantly, the positive sentiment from our customers is continuing into this year. Visibility is encouraging for our construction and material handling segments as supply chains have normalized and we have strong equipment orders already on the books for the year. As a result, demand for our product support services will grow as well.Industry related data also supports our view for this year. Total U.S. construction contracts increased significantly year-over-year in January. Non-residential construction starts are forecast to increase from $441 billion last year to $458 billion in 2024. Federal infrastructure spending is also expected to accelerate as many of these major projects have yet to break ground and our and contract awards are strong in both the Northeast and Florida where we operate.

Additionally, state DOT 2024 fiscal year budgets are more than 10% higher than last year. The onshoring trend in manufacturing continues in much of our Northern territory. And general contractors and subcontractors are extremely busy with full backlogs of lack of manpower remaining an ongoing challenge. In the Material Handling segment, where we enjoy arguably the most diverse end market exposure of any industry. We are focused on the themes of labor and energy efficiency as the market settles in and what were record levels pre-COVID. We are continuing to make progress on expanding our market share in the warehouse market along with Hyster-Yale and our allied product lines. Additional sales in this market segment increase our opportunity to sell advanced technology solutions leading to more complex and profitable customer relationships for both dealer and OEM.

Our diversified growth strategy continues to prove very successful as proven by our financial and operating growth over the last three years. We have demonstrated our ability to significantly expand our business organically through acquisitions and entering new end user markets. During 2023, we achieved organic growth of 12.3% by increasing our market share, expanding our product portfolio and entering new territories. We will continue to expand our geographic footprint and product portfolio in our existing business segments by leveraging our existing OEM relationships and developing partnerships with new manufacturers. Our three acquisitions last year are representative of our strategy. In previous quarters, we discussed our acquisition of M&G Material Handling, expanding our lift truck market coverage in New England.

In October, we acquired Burris Equipment Company, a premier supplier of compact construction and turf equipment with three locations in Illinois. This acquisition gives us further coverage and market penetration in the Metro Chicago market and further growth opportunities in the highly fragmented compact segment of the construction equipment market. In November, we acquired Ault Industries, a privately held Canadian equipment distributor with locations in Ontario and Quebec. This was Ault's first investment in Canada for our construction equipment segment. Ault has built a high performing equipment dealership in the aggregate and mining space, a growing end market in that region. Also in November, we established a new OEM relationship with CASE Power & Equipment, which allowed also to enter the Central and Western Pennsylvania markets, initially serving Pittsburgh and surrounding areas with plans to further expand into Central Pennsylvania in 2024.

Serving general construction, infrastructure and residential and non-residential construction contractors, both locations will sell and service the full lineup of case heavy, compact and subcompact equipment and attachments. The 16 acquisitions we completed since going public in 2020 are major contributors to our success providing $537 million in revenue $65 million in adjusted EBITDA. We are continuing to pursue accretive acquisitions and opportunities which would further expand the scale and scope of product offerings for our customers. We also remain committed to our e-mobility strategy to leverage the emerging alternative energy related opportunities in the commercial trucking segment. In addition to our current initiatives of Class 8 tractors, we're also evaluating additional segments including both heavy duty Class 6 and 7 and light duty Class 3 through 5 EVs. Our approach aligns with our current field population strategy and include sales parts and service and turnkey charging infrastructure solutions.

In closing, 2023 was an outstanding year for our business and we are focused on continued growth, profitability and balanced capital allocation. Lastly, we strive every day to foster a culture of empowerment, accountability and opportunity, and we rally around the shared purpose delivering trust that makes a difference. I want to, again, thank our employees for their dedication and delivering trust to our customers, our business partners and to our valued shareholders. Our shared purpose is at the foundation of our corporate culture, which is ultimately what makes also the premier equipment dealership platform we are today. I'll now turn it over to Tony to discuss our financial performance in more detail.

Tony Colucci : Thanks, Ryan. Good evening, everyone, and thank you for your interest in Alta Equipment Group and our fourth quarter and full year 2023 financial results. We're proud of our 2023 performance and before I start, I first want to congratulate my Alta teammates for their hard work and dedication to the business and to our customers in 2023. Our results mirror our culture, which is grounded in our guiding principles and all of us continuously developing our one team approach to the business day in and day out. Thank you to all of Altas employees, which now numbers 3,000 strong and ranges from Illinois to Maine and from Florida to the northern regions of Quebec and Ontario. My remarks today will focus on three areas: First, I'll briefly present our fourth quarter results, which will include specific comments on what was strong operating cash flow in Q4.

Second, I'll present and comment on our full year 2023 results, focusing on several key themes and metrics for the year. Lastly, I'll provide guidance for 2024 adjusted EBITDA and discuss the assumptions and puts and takes that underpin the annual guide. As part of that discussion, I'll provide some insights into Q1, given where we are on the calendar. Before I get to my talking points, it should be noted that I'll be referencing slides from our presentation throughout the call today. I'd encourage everyone on today's call to review our presentation and our 10-K, which is available on our investor relations website at altg.com. With that said, for the first portion of my prepared remarks and is presented in Slides 12 to 21 in the earnings deck, fourth quarter performance.

For the quarter, the company recorded record revenue of approximately $522 million, which is up a notable $93 million versus Q3 of -- Q4 of last year and represents the first $500 million quarter in the company's history. $522 million of revenue for the quarter reflects a 17% organic increase over Q4 2022 making for another comparatively strong quarter against increasingly more difficult comp. Specifically equipment sales, which are usually very strong in Q4 and we're again this year increased $70 million for the quarter to $336 million. Just to pause here for a moment, because the unprecedented level of equipment sales were a highlight for the quarter. For the year, we placed approximately $205 million more equipment into field population when compared to 2022.

Why is that important? Recall that in Q1, we presented information to investors that supported that for every incremental dollar of equipment we are able to sell into field population that we could expect approximately $0.50 of annual high margin product support revenue over time. So it follows that in a year where we sell $205 million more equipment that we did in the previous year, we have great confidence that additional product support revenues will be there for years to come. Moving on to product support, our products -- our parts and service business lines. In spite of the quarterly comp hurdles getting more difficult, product support revenues were approximately $130 million for the quarter, up $11.5 million or over 10% organically versus last year.

Turning to rental. Our rental business held up well for the quarter, given we typically see a falloff sequentially as we move from Q3 to Q4 each year. Rental revenues were a solid $55 million for the quarter. From an EBITDA perspective, we realized $49.7 million in adjusted EBITDA for the quarter, which is up $7 million from the adjusted level of fourth quarter 2022 and $3.6 million on a pro-form a basis. So all told, an extremely strong quarter to end the year from a sales and EBITDA perspective with the quarter coming in on the high-end of our expectations, again primarily due to the large beat in equipment sales. From a cash flow perspective, the quarter was extremely strong as free cash flows from operations, as we define it on Slide 32, were approximately $50 million for the quarter, as we benefited not only from the strong P&L performance but from the leveling off of inventory and rental fleet levels versus Q3.

The level of operating cash flow for the quarter, in our view, is indicative of the company's steady state cash flow capability. Importantly, the cash flow for the quarter allowed us to deploy $45 million of capital into accretive Burris and Ault acquisitions without impacting liquidity and also allowed for some deleveraging in the quarter. Truly was an excellent quarter for the balance sheet. Now turning to our results for the full fiscal year. The company recorded $1.88 billion in revenue in 2023, as we are now pacing toward $2 billion of revenue on a pro-form a basis. On the adjusted EBITDA line, the company achieved $191.4 million in 2022, coming in at the high-end of our latest iteration of our guidance for the year. Importantly, the $191.4 million of adjusted EBITDA converted into approximately $122 million of economic EBIT, our version of steady state unlevered free cash flow.

On average invested capital of approximately $800 million in 2023, we finished the year at just over 15% economic EBIT yield or return on invested capital, a key metric that measured our capital -- measures our capital deployment decisioning and directly impacts management's compensation. Moving on to equity cash flows and as depicted on Slide 15 of our investor deck, on an adjusted pro-forma basis, the business is now generating approximately $92 million in annual levered free cash flow to common equity. In our view, this metric is indicative of economic earnings power associated with driving equity value for shareholders ex growth CapEx. More on this metric momentarily. A quick check-in on the balance sheet as of year-end and as depicted in Slide 16.

We ended the quarter with approximately $219 million of cash and availability on our revolving line of credit facility with $36 million suppressed. From a leverage perspective, as mentioned previously, we were able to delever in the quarter as total leverage came in at roughly 3.7x 2022 adjusted pro-forma EBITDA, down 2/10 from last quarter despite the two acquisitions. Lastly, on the balance sheet, I wanted to note the quarter-over-quarter flattening in our inventory and rental fleet levels, as we ended Q4 at $495 million of inventory and $590 million of rental fleet ex M&A. Both of these figures are effectively flat versus where we ended Q3 2023. As mentioned in previous calls, as equipment supply chains began to normalize at the end of 2022, Alta, like many other industry participants saw an unprecedented level of inventory replenishment in the first half of '23, which put pressure on working capital and led to redeployment of floor plan lines.

As I mentioned on our Q2 call, we expected the pace of this replenishment to moderate significantly in the second half of the year and we have seen just that. Before I leave 2023, I would focus participants to Slide 23 of today's presentation that we presented last quarter, which recaps where the company stands today versus where we were just four years ago at our IPO in February of 2020. I will let the recap speak for itself, but did want to note for investors that the company is now generating $92 million of free cash flow to equity on an annual basis, ex growth CapEx or approximately $2.84 per share as of year-end. This compares to $0.74 per share on this metric at the time of the IPO. So in summary, we've grown this metric 4x in four years with minimal dilution along the way, yet we continue to see our stock price to not be reflective of this progress.

We are cognizant of this disconnect to what we believe to be fair value for our equity. And as we head into 2024, this disconnection may inform our capital allocation decisioning as we balance potential stock buybacks versus what is presented to us via the M&A pipeline. Finally, for the last area of my prepared remarks, I would like to discuss the 2024 adjusted EBITDA guidance, which was included in today's earnings release. In terms of the guidance range itself, we expect to report $207.5 million to $217.5 million of adjusted EBITDA for the full year 2024. A few observations on the guide. First and foremost, as Ryan mentioned in his remarks, we continue to feel positive about the overall demand backdrop in our customer base and we believe the industry data supports our sentiment.

Second, we again expect to drive organic growth in product support revenues in 2024 by an amount that we expect will be in line with our historic performance in parts and service. While adding skilled technicians is continually more difficult year in and year out, organic growth and product support is something we expect to rise to the challenge on and to rinse and repeat annually. And the $205 million of incremental field population generated in 2023 supports our views and product support for 2024. When it comes to rental, our expectation is to at least hold rental utilization figures at 2023 levels. Relative to rental rates, much like the rest of industry participants, we aren't expecting much more than inflationary increases in 2024. Most importantly, when it comes to our rental business, given our rent to sell business model, we have no plan to increase the size of the rental fleet in any material fashion in 2024 like we did in 2023.

That said, investors should expect quarter-to-quarter ebbs and flows in the rental fleet size throughout the year, which is in line with our history. Lastly, on the potential for equipment sales in 2024. First, we sold $1.1 billion of equipment in 2023, as we along with the equipment dealership industry overall, saw record levels of sales this year. Make no mistake, this year's comps on equipment sales for our industry will be as challenging as they've ever been. As OEMs and industry analysts alike may be calling for flattish or even down equipment sales this year, we'd like to think that given our position in the market and the opportunities ahead of us to take share in certain regions that we are hopeful to at least hold, if not exceed, 2023 equipment sales levels this year.

To close on the commentary on 2024 expectations. I wanted to give some insights into Q1 given where we are in the calendar. First, Q1 given seasonality has long been our most difficult quarter of the year and given our experience, Q1 performance hasn't necessarily informed performance over the remainder of the year. With that as a backdrop, a couple things to note first investors as to what to expect for this quarter. First, as it relates to Ecoverse, which had a record debut under Alta’s ownership in 2023, and they had a record quarter in Q1 of 2023. Recall that Ecoverse is a master distributor selling equipment to sub dealers and in early 2023, as supply chains were normalizing, Ecoversus sub dealers were restocking, which led to its record first quarter.

Currently, at this point in the quarter and given that sub dealer's inventories are back to normal levels, we don't expect the Ecoverse to repeat what they did in Q1 of 2023. That said, the expectation for the full year 2024 is that Ecoverse will come close to matching 2023’s performance. Second, as mentioned previously, we had an unprecedented Q4 on the equipment sales line, which exceeded internal expectations as customers took advantage of year end tax depreciation rules, leftover budgets and were generally more available to our sales team after the construction season to assess and replenish their fleets before the new year. In summary, the record activity in Q4 in equipment sales led to a pull forward of equipment sales in December and a hangover that impacted January.

That said, we are confident that the January hangover was isolated as we saw snap back in February and are experiencing a solid March, as our parts service and rental businesses are all very busy and on track. To be clear, the larger demand framework for 2024 that we have referenced here today are all solidly in place. To summarize, we are confident in the annual guide and in our long-term prospects, especially given all of the aforementioned factors, including the increased field population that was generated this past year and we are committed to execution and having 2024 be another year of growth for Alta Equipment Group. In closing, I again want to thank all of my teammates at Alta for your commitment to our business and to each other throughout 2023.

You embodied our guiding principles in 2023 and our results are reflective of that. To our investors, we appreciate your support and confidence in 2023 and we look forward to driving shareholder value in 2024. Thank you for your time, and I will turn it back over to the operator for Q&A.

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