Alta Equipment Group Inc (ALTG) 2023 Q1 法說會逐字稿

Good afternoon, and thank you for attending today's Alta entertainment -- I'm sorry, Alta Equipment Group first quarter 2023 earnings conference call. My name is [Jake Son] and I'll be your moderator for today's call. I will now turn the call over to Jason Dammeyer, Director of SEC Reporting and Technical Accounting with Alta Equipment Group.

下午好，感謝您參加今天的阿爾塔娛樂——對不起，阿爾塔設備集團 2023 年第一季度收益電話會議。我叫 [Jake Son]，我將擔任今天電話會議的主持人。我現在將把電話轉給 Alta Equipment Group 的 SEC 報告和技術會計總監 Jason Dammeyer。

Thank you, Jake Son. Good afternoon, everyone, and thank you for joining us today. A press release detailing Alta's first quarter 2023 financial results was issued this afternoon and is posted on our website along with the presentation designed to assist you in understanding the company's results.

謝謝你，傑克兒子。大家下午好，感謝您今天加入我們。今天下午發布了詳細介紹 Alta 2023 年第一季度財務業績的新聞稿，並與旨在幫助您了解公司業績的演示文稿一起發佈在我們的網站上。

On the call with me today are Ryan Greenawalt, our Chairman and CEO, and Tony Colucci, our Chief Financial Officer. For today's call, management will first provide a review of the first quarter financial results. We will begin with some prepared remarks before we open the call for your questions.

今天與我通話的有我們的董事長兼首席執行官 Ryan Greenawalt 和我們的首席財務官 Tony Colucci。對於今天的電話會議，管理層將首先提供對第一季度財務業績的審查。在我們開始徵集您的問題之前，我們將首先準備一些評論。

Before we get started, I'd like to remind everyone that this conference call may contain certain forward-looking statements, including statements about future financial results, our business strategy and financial outlook, achievements of the company, and other nonhistorical statements as described in our press release. These forward-looking statements are subject to both known and unknown risks, uncertainties, and assumptions, including those related to Alta's growth, market opportunities, and general economic and business conditions.

在我們開始之前，我想提醒大家，本次電話會議可能包含某些前瞻性陳述，包括有關未來財務業績、我們的業務戰略和財務前景、公司成就的陳述，以及其他非歷史陳述，如我們的新聞稿。這些前瞻性陳述受到已知和未知的風險、不確定性和假設的影響，包括與 Alta 的增長、市場機會以及總體經濟和商業狀況相關的風險、不確定性和假設。

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Although we believe these expectations are reasonable, we undertake no obligation to revise any statement to reflect changes that occur after this call. Descriptions of these and other risks that could cause actual results to differ materially from these forward-looking statements are discussed in our reports filed with the SEC, including our press release that was issued today.

這些前瞻性陳述主要基於我們目前對未來事件和財務趨勢的預期和預測，我們認為這些事件和財務趨勢可能會影響我們的業務、財務狀況和經營業績。儘管我們認為這些預期是合理的，但我們沒有義務修改任何聲明以反映此次電話會議後發生的變化。我們向美國證券交易委員會提交的報告中討論了可能導致實際結果與這些前瞻性陳述存在重大差異的這些風險和其他風險的描述，包括我們今天發布的新聞稿。

During this call we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's press release and can be found on our website at investors.altaequipment.com. I will now turn the call over to Ryan.

在本次電話會議中，我們可能會提出 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 措施的調節包含在今天的新聞稿中，可以在我們的網站 investors.altaequipment.com 上找到。我現在將把電話轉給瑞安。

Thank you, Jason. Good afternoon, everyone, and thank you for joining us today. For those following along with the slide presentation, I will begin on slide 3. First, I will discuss our first quarter business highlights, our unique operating model, and the demand in our end-user markets. And lastly, I will provide an update regarding the solid execution upon our growth strategy. Tony will detail our first quarter financial results. So I just want to highlight our first quarter accomplishments so we can get into the Q&A session as quickly as possible, after which I have a few parting comments.

謝謝你，傑森。大家下午好，感謝您今天加入我們。對於跟隨幻燈片演示的那些人，我將從幻燈片 3 開始。首先，我將討論我們第一季度的業務亮點、我們獨特的運營模式以及我們最終用戶市場的需求。最後，我將提供有關我們增長戰略的可靠執行的最新信息。托尼將詳細介紹我們第一季度的財務業績。所以我只想強調我們第一季度的成就，這樣我們就可以盡快進入問答環節，之後我有一些臨別評論。

Our business is off to a solid start this year with revenues increasing $89 million to $420.7 million, which included strong organic growth as well as contributions from our acquisitions. Construction and material handling revenue increased $233.1 million and $164.8 million respectively, and our newest segment master distribution contributed the other $26.7 million in the quarter. As a result, adjusted EBITDA grew 36% to $40.8 million versus a year ago.

今年我們的業務開局良好，收入增加 8900 萬美元至 4.207 億美元，其中包括強勁的有機增長以及我們收購的貢獻。建築和物料搬運收入分別增加了 2.331 億美元和 1.648 億美元，我們最新的部門主分銷在本季度貢獻了另外 2670 萬美元。因此，調整後的 EBITDA 與一年前相比增長了 36%，達到 4080 萬美元。

Our business model is versatile and resilient and we are 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 aftermarket support penetration to an increasingly diversified customer base. At the end of the first quarter, we had nearly 1,200 skilled revenue-producing technicians, which is substantially greater than even the largest pure-play equipment rental businesses. Even during periods of challenging economic conditions and downturns and construction cycles, our business remains resilient due to the scarcity of product support personnel and resources in the major markets where we compete. In short, customers, buy and rent from the businesses most equipped to handle their most immediate service challenges. This is where Alta thrives and is the spirit of our service mantra. Uptime matters.

我們的商業模式具有多樣性和彈性，我們在產品供應的廣度、目標市場的規模以及市場地位的防禦性方面獨一無二。我們的重點是推動和維持長期的設備現場人口和售後市場支持滲透到日益多樣化的客戶群。在第一季度末，我們擁有近 1,200 名熟練的創收技術人員，這比最大的純設備租賃業務還要多。即使在充滿挑戰的經濟條件、經濟衰退和建設週期期間，由於我們競爭的主要市場缺乏產品支持人員和資源，我們的業務仍然保持彈性。簡而言之，客戶從最有能力處理他們最直接的服務挑戰的企業購買和租賃。這就是 Alta 蓬勃發展的地方，也是我們服務口號的精神所在。正常運行時間很重要。

Now for a quick update on the business segments. In the Material Handling segment, long term trends towards warehouse and logistical automation persists, and Alta is well positioned for this growth opportunity. We continue to see the benefits of our newly increased market footprint, which now includes Eastern Canada, and the sales synergies evident between the traditional forklift dealership model anchored by exclusive distribution rights, and the Engineered Products business where we are unrestricted geographically, but benefit from the significant infrastructure and sales coverage that comes with the integrated model. We estimate that we cover over 20% of the North American lift truck market with our exclusive rights dealership business, and can cover North America and beyond through peak logics and the affiliated Material Handling products.

現在快速更新業務部門。在物料搬運領域，倉庫和物流自動化的長期趨勢依然存在，Alta 已做好充分準備抓住這一增長機會。我們繼續看到我們新增加的市場足跡（現在包括加拿大東部）的好處，以及以獨家經銷權為基礎的傳統叉車經銷商模式與我們在地理上不受限制但受益於的工程產品業務之間明顯的銷售協同效應集成模型帶來的重要基礎設施和銷售覆蓋面。我們估計，我們的獨家代理權經銷商業務覆蓋了超過 20% 的北美叉車市場，並且可以通過 Peak Logic 和附屬的物料搬運產品覆蓋北美及其他地區。

The construction equipment segment is benefiting from infrastructure and other governmental legislation. Our Florida operations are performing well, helped in part by significant growth in nonresidential construction projects and significant states spending on infrastructure. Furthermore, the state has announced a multi-billion dollar Everglades restoration project, which aligns well with our equipment product portfolio of large articulated dump trucks, excavators, and other earthmoving equipment. We are continuing to benefit from pent-up demand for services in the Florida market and our appetite to grow that technician headcount and parts and service sales in the region have been met with enthusiasm by our customers.

建築設備部門受益於基礎設施和其他政府立法。我們在佛羅里達州的業務表現良好，部分原因是非住宅建築項目的顯著增長以及各州在基礎設施方面的大量支出。此外，該州還宣布了一項耗資數十億美元的大沼澤地修復項目，該項目與我們的大型鉸接式自卸卡車、挖掘機和其他土方設備的設備產品組合非常吻合。我們將繼續受益於佛羅里達市場對服務的被壓抑需求，以及我們希望增加該地區的技術人員人數以及零件和服務銷售的願望，這些都得到了客戶的熱情滿足。

Along with growth in our core Volvo Construction Equipment business, we are benefiting from the expanded product portfolio and investment in branch infrastructure. Our E-Mobility business is well positioned to seize on opportunities across a broad range of products and services. And similar to our core business, we have anchored the segment on exclusive distribution rights in key markets. Here we are utilizing our existing branch infrastructure to support the product launch while limiting fixed cost exposure and improving market acceptance and viability. In parallel, we're building an in-house team of integrators and a portfolio of ancillary products to assist our customers in navigating and executing on the transition away from fossil fuels for transportation.

隨著我們的核心沃爾沃建築設備業務的增長，我們受益於擴大的產品組合和對分支機構基礎設施的投資。我們的電動汽車業務已做好充分準備，可以抓住範圍廣泛的產品和服務中的機遇。與我們的核心業務類似，我們已將這一細分市場鎖定在主要市場的獨家經銷權上。在這裡，我們利用現有的分支機構基礎設施來支持產品發布，同時限制固定成本風險並提高市場接受度和生存能力。與此同時，我們正在建立一個內部集成商團隊和一系列輔助產品，以幫助我們的客戶導航和執行從化石燃料到運輸的過渡。

This quarter, we are reporting on our newly created master distribution segment, which Tony will describe in greater detail during his commentary. The segment is currently comprised of the Ecoverse business, which we acquired in November of 2022. Ecoverse has exclusive rights to distribute in the US and Canada for Doppstadt, a premier line of recycling solutions along with several other manufacturers of specialty recycling equipment. The recycling equipment market in the United States has been experiencing growth, driven by various factors including increased environmental awareness, governmental regulations, and the need for more efficient waste management practices.

本季度，我們將報告我們新創建的主分銷部門，托尼將在他的評論中更詳細地描述。該部門目前由我們於 2022 年 11 月收購的 Ecoverse 業務組成。Ecoverse 擁有在美國和加拿大為 Doppstadt 以及其他幾家專業回收設備製造商提供回收解決方案的首要係列的獨家分銷權。美國的回收設備市場一直在增長，受到各種因素的推動，包括環境意識的提高、政府法規以及對更有效的廢物管理實踐的需求。

Recycling equipment used in solid waste management can include shredders, balers, compactors, sorting systems, conveyors, and other machinery designed to process and recycle different types of waste materials. These equipment types are used in recycling facilities, waste management companies, municipalities, and other organizations involved in the recycling and waste management industry. The recycling industry is still in its infancy and is expected to grow to a multi-billion dollar per year industry by the end of the decade. We're excited about the organic growth opportunity in this segment and the potential to apply the master distribution business model to future opportunities in other specialty end markets.

固體廢物管理中使用的回收設備包括粉碎機、打包機、壓實機、分揀系統、輸送機和其他設計用於處理和回收不同類型廢物的機械。這些設備類型用於回收設施、廢物管理公司、市政當局以及涉及回收和廢物管理行業的其他組織。回收行業仍處於起步階段，預計到本十年末將增長到每年數十億美元的規模。我們對這一領域的有機增長機會以及將主分銷業務模式應用於其他專業終端市場未來機會的潛力感到興奮。

From a strategic perspective, all of the major tenants hold true from our debut as a public company three years ago. We have a unique platform to grow and consolidate in adjacent markets with significant barriers to entry and long term growth prospects. We have a disciplined approach to M&A and fertile prospecting conditions. And we have a proven and repeatable execution and integration process led by a seasoned team of industry veterans. All this momentum has given us the confidence to increase adjusted EBITDA guidance.

從戰略角度來看，所有主要租戶都適用於我們三年前作為上市公司首次亮相。我們擁有獨特的平台，可以在具有重大進入壁壘和長期增長前景的相鄰市場中發展和鞏固。我們對併購和肥沃的勘探條件採取嚴格的方法。我們擁有由經驗豐富的行業資深團隊領導的經過驗證且可重複的執行和集成流程。所有這些勢頭使我們有信心增加調整後的 EBITDA 指導。

Lastly, I'd like to quickly touch on Alta's corporate culture. As a company, we strive every day to foster a culture of empowerment accountability and opportunity, and we rally around a shared purpose, delivering trust that makes a difference. I want to again thank our employees for delivering trust to our customers, our business partners, and to our valued shareholders. We believe that a purpose-filled organization will be the foundation of our commitment to these key areas. Our commitment to environmental sustainability, including a focused strategy to drive customer adoption and commercial viability of various electromobility solutions, the safety of our employees and technicians, and the dedicated and inclusive culture that we have created and continued develop with each day.

最後，我想快速談談 Alta 的企業文化。作為一家公司，我們每天都在努力培養一種賦予權力、問責制和機會的文化，我們圍繞一個共同的目標團結起來，提供產生影響的信任。我想再次感謝我們的員工為我們的客戶、業務合作夥伴和我們尊貴的股東帶來信任。我們相信，一個充滿使命感的組織將是我們致力於這些關鍵領域的基礎。我們對環境可持續性的承諾，包括推動客戶採用和各種電動汽車解決方案的商業可行性的重點戰略、我們員工和技術人員的安全，以及我們每天創造並持續發展的敬業和包容的文化。

In closing, I'd like to thank the Alta team for all your hard work and delivering a solid start to 2023. I'll now turn the call over to Tony, our CFO.

最後，我要感謝 Alta 團隊的辛勤工作，並為 2023 年提供了堅實的開端。我現在將電話轉給我們的首席財務官托尼。

Thanks, Ryan. Good evening, everyone, and thank you for your interest in Alta Equipment Group and our first quarter 2023 financial results. I trust that you and your families are looking forward to a great summer as we all are here at Alta.

謝謝，瑞安。大家晚上好，感謝您對 Alta Equipment Group 和我們 2023 年第一季度財務業績的關注。我相信您和您的家人都期待著一個美好的夏天，因為我們都在阿爾塔。

Before I began, I want to thank my 2,800 Alta teammates, which now span from Illinois to Maine, and from Canada to Florida on a great first quarter as you have set the footing for another remarkable year here at Alta. Thank you for your continued focus and commitment to our customers and to each other.

在我開始之前，我要感謝我的 2,800 名 Alta 隊友，他們現在從伊利諾伊州到緬因州，從加拿大到佛羅里達州，在第一季度表現出色，因為你們為在 Alta 又一個非凡的一年奠定了基礎。感謝您對我們的客戶和彼此的持續關注和承諾。

My remarks today will focus on three primary areas. First, I'll be presenting our first quarter results which we are pleased with as our business benefited from increased equipment availability and a high level of demand for our products and services. Additionally, I'll present for the first time the results of our master distribution segment, which encompasses our new Ecoverse business unit.

我今天的發言將集中在三個主要領域。首先，我將介紹我們對第一季度業績感到滿意，因為我們的業務受益於設備可用性的提高以及對我們產品和服務的高需求。此外，我將首次展示我們的主要分銷部門的結果，其中包括我們新的 Ecoverse 業務部門。

Second, I want to briefly revisit our field population base business model and present our view on the long-term impacts of what was a record Q1 in equipment sales for the business. As part of that discussion, I'll update investors on the financial operating leverage we continue to realize and how our larger field population bodes well for future operating leverage.

其次，我想簡要回顧一下我們的現場人口基礎業務模型，並提出我們對創紀錄的第一季度設備銷售業務的長期影響的看法。作為該討論的一部分，我將向投資者更新我們繼續實現的財務運營槓桿，以及我們更大的現場人口如何預示著未來的運營槓桿。

Lastly, I'll touch briefly on our prospects for the remainder of the year and how that impacted our decision to raise our 2023 adjusted EBITDA guidance.

最後，我將簡要談談我們今年剩餘時間的前景，以及這對我們提高 2023 年調整後 EBITDA 指引的決定有何影響。

Before I get to my talking points, it should be noted that I'll be referencing slides from our earnings presentation throughout the call today. I'd encourage everyone on today's call to review our presentation and our 10-Q, which is available on our Investor Relations website at altg.com.

在開始我的談話要點之前，應該注意的是，我將在今天的整個電話會議中引用我們收益演示中的幻燈片。我鼓勵今天電話會議上的每個人都查看我們的演示文稿和我們的 10-Q，它們可以在我們的投資者關係網站 altg.com 上找到。

Before I get into the first quarter performance, a quick reminder to investors on the seasonal elements of our business, specifically, the construction segment in our northern geographies are subject to weather constraints in Q1, which makes the sequential comparison of Q1 to Q4 difficult. Thus, the more appropriate comparison for Q1 2023 is Q1 2022. And on a year-over-year comparison, we outperformed on just about every key metric.

在我進入第一季度業績之前，快速提醒投資者註意我們業務的季節性因素，具體來說，我們北方地區的建築部門在第一季度受到天氣限制，這使得第一季度和第四季度的連續比較變得困難。因此，2023 年第一季度更合適的比較是 2022 年第一季度。在同比比較中，我們幾乎在每個關鍵指標上都表現出色。

With that said, for the first portion of my prepared remarks and in line with slides 10 through 16 in the investors presentation first quarter performance. For the quarter, the company recorded revenue of $420 million, which is a great -- $421 million, which is a great start to the year considering the seasonality I just mentioned, and it's up almost $90 million versus Q1 of last year. Embedded in the $421 million (sic) of revenue for the quarter is a 16.2% organic sales increase over Q1 2022, making for a comparatively strong quarter. Specifically, new and used equipment sales increased 45% for the quarter to $220 million, far and away a record level of Q1 equipment sales for the business and in fact, a quarter that compares favorably to our less seasonal sales equivalent quarters historically.

話雖如此，對於我準備好的評論的第一部分，與投資者介紹第一季度業績中的幻燈片 10 至 16 一致。本季度，該公司錄得 4.2 億美元的收入，這是一個很好的收入——4.21 億美元，考慮到我剛才提到的季節性因素，這是今年的一個良好開端，與去年第一季度相比增長了近 9000 萬美元。本季度收入為 4.21 億美元（原文如此），有機銷售額比 2022 年第一季度增長 16.2%，是一個相對強勁的季度。具體來說，本季度新設備和二手設備的銷售額增長了 45%，達到 2.2 億美元，這無疑是該企業第一季度設備銷售額的創紀錄水平，事實上，這個季度與我們歷史上季節性較低的銷售額相當的季度相比是有利的。

With equipment supply chain issues abating, we are seeing a more normalized environment in terms of equipment deliveries, and having the additional equipment supply in the face of a strong demand backdrop is refreshing for our customers and our sales teams. And this quarter's equipment sales result was a simple reflection of matching supply and demand.

隨著設備供應鏈問題的緩解，我們在設備交付方面看到了更加規範的環境，面對強勁的需求背景，額外的設備供應讓我們的客戶和我們的銷售團隊耳目一新。而本季度的設備銷售結果，是供需匹配的簡單反映。

Moving on to our product support business lines, we continue to realize impressive organic growth in our parts and service departments in both segments with that figure increasing an impressive 15.3% in the Material Handling segment and 22.3% in the Construction segment year over year. To close out the revenue lines as it relates to our rental business, we continued to realize organic growth in both segments as well, with rental revenues increasing 6.6% on a consolidated basis year over year, primarily the result of a favorable rate environment for heavy equipment.

繼續我們的產品支持業務線，我們繼續在兩個部門的零件和服務部門實現令人印象深刻的有機增長，該數字在物料搬運部門和建築部門分別增長了 15.3% 和 22.3%。為了關閉與我們的租賃業務相關的收入線，我們也繼續在這兩個部門實現有機增長，租金收入在綜合基礎上同比增長 6.6%，這主要是由於重型汽車的有利利率環境。設備。

From an EBITDA perspective, we realized $40.8 million in adjusted EBITDA for the quarter, which is up $10.8 million from the adjusted level of first quarter 2022. On a trailing 12 basis, we achieved $178.6 million of adjusted pro forma EBITDA, which converted into a $127 million of economic EBIT or unlevered free cash flow for a 71% conversion rate on EBITDA. Additionally on a GAAP basis, income from operations was $12.1 million for the quarter up $7.5 million versus last year.

從 EBITDA 的角度來看，我們本季度實現了 4080 萬美元的調整後 EBITDA，比 2022 年第一季度的調整後水平增加了 1080 萬美元。在過去 12 年的基礎上，我們實現了 1.786 億美元的調整後備考 EBITDA，這轉化為1.27 億美元的經濟息稅前利潤或無槓桿自由現金流，EBITDA 轉換率為 71%。此外，根據公認會計原則，本季度運營收入為 1210 萬美元，比去年同期增加 750 萬美元。

Lastly, and as depicted on slide 13 of our investor deck, on an adjusted pro forma basis, the business is generating just above $77 million in annualized levered free cash to common equity prior to growth CapEx. In our view, this metric is indicative of economic earnings associated with driving equity value for shareholders.

最後，正如我們投資者平台的幻燈片 13 所示，在調整後的備考基礎上，在增長資本支出之前，該業務產生的年化槓桿自由現金略高於 7700 萬美元。我們認為，該指標表明與推動股東股權價值相關的經濟收益。

Before I move on to the balance sheet, I wanted to present to investors the financial performance for our new segment, Master Distribution, which was presented separately in our 10-Q filed earlier today. As I mentioned earlier, Ecoverse, which was acquired in Q4, is the first business unit in our asset-light Master Distribution segment and it's off to a great start. For its inaugural quarter, the segment posted an impressive $23.5 million in equipment sales, $2.9 million in parts sales, which yielded $4.2 million in GAAP income from operations. Investors should keep in mind that Ecoverse's sales, which are primarily weighted to selling equipment to its sub dealers, are more heavily weighted to the first half with an additional emphasis on the first quarter of the calendar year.

在我進入資產負債表之前，我想向投資者介紹我們新部門 Master Distribution 的財務業績，該部門在今天早些時候提交的 10-Q 中單獨介紹。正如我之前提到的，第四季度收購的 Ecoverse 是我們輕資產 Master Distribution 部門的第一個業務部門，並且開局良好。在其首個季度，該部門公佈了令人印象深刻的 2350 萬美元設備銷售額，290 萬美元零件銷售額，從運營中產生了 420 萬美元的 GAAP 收入。投資者應牢記，Ecoverse 的銷售額主要集中在向其子經銷商銷售設備上，而上半年的權重更大，並且更加重視日曆年的第一季度。

As we've mentioned previously to investors when we acquired Ecoverse, we believe strongly in the capital efficiency and return on investment profile of the Master Distribution business model and Ecoverse proved us right in their first quarter as part of Alta Equipment Group. Thank you to our new family at Ecoverse and we look forward to continued strength in that segment for many years to come.

正如我們之前在收購 Ecoverse 時向投資者提到的那樣，我們堅信 Master Distribution 業務模式的資本效率和投資回報率，而 Ecoverse 在第一季度作為 Alta Equipment Group 的一部分證明了我們是正確的。感謝我們在 Ecoverse 的新大家庭，我們期待在未來許多年在該領域繼續保持實力。

Before I move on, a quick check-in on the balance sheet as of quarter end. And in line with previous periods, we ended the quarter with approximately $220 million in unsuppressed availability on our revolving line of credit. And total leverage came in at roughly 3.6 times 2023 adjusted EBITDA at the midpoint of our guidance.

在我繼續之前，快速檢查一下季度末的資產負債表。與前幾個時期一致，我們在本季度末的循環信貸額度上有大約 2.2 億美元的未抑制可用性。在我們指引的中點，總槓桿率約為 2023 年調整後 EBITDA 的 3.6 倍。

Now moving on to the second area of my prepared remarks, I'd like to quickly revisit our business model and our view on the long-term impacts of what was a record Q1 in equipment sales. As Ryan and I have mentioned many times, and in parallel with other dealership base businesses, our business model and our long term financial success is heavily predicated on how large our serviceable field population is. In simple terms, the larger the serviceable field population, the more high margin product support revenues the company is able to realize in the future.

現在轉到我準備好的發言的第二個方面，我想快速回顧一下我們的商業模式以及我們對創紀錄的第一季度設備銷售的長期影響的看法。正如 Ryan 和我多次提到的那樣，與其他經銷商基礎業務一樣，我們的商業模式和我們的長期財務成功在很大程度上取決於我們可服務的現場人口有多大。簡單來說，可服務的現場人口越大，公司未來能夠實現的高利潤產品支持收入就越高。

This business model is depicted graphically on slide 14 of our investor presentation. As you can see on this slide, on a long-term average, product support revenues have averaged approximately 50% of our field population sales. Now with that business model as the backdrop, the obvious first obstacle that kick up that earnings cycle is to expand our field population by selling more equipment than we have historically. And our sales team, supported by our OEM's ability to deliver product, did a tremendous job of increasing our serviceable field population in the first quarter of '23 when compared to last year to the tune of $60 million of incremental equipment sales. And if you do the math, that incremental gain of $60 million in the quarter should yield approximately $30 million of incremental annualized parts and service revenue over the long run.

我們的投資者介紹的幻燈片 14 以圖形方式描述了這種商業模式。正如您在這張幻燈片上看到的，從長期平均來看，產品支持收入平均約占我們現場人口銷售額的 50%。現在以這種商業模式為背景，啟動盈利週期的第一個明顯障礙是通過銷售比以往更多的設備來擴大我們的現場人口。我們的銷售團隊在 OEM 交付產品的能力的支持下，在 23 年第一季度與去年相比，在增加我們的可服務現場人口方面做得非常出色，增加了 6000 萬美元的設備銷售額。如果你計算一下，從長遠來看，本季度 6000 萬美元的增量收益應該會產生大約 3000 萬美元的增量年化零件和服務收入。

In summary, we are excited about the level of Q1 '23 equipment sales means for our future product support prospects, and we hope to rinse and repeat this success in the coming quarters and for years to come.

總而言之，我們對我們未來產品支持前景的 Q1 '23 設備銷售水平感到興奮，我們希望在未來幾個季度和未來幾年內重複這一成功。

Before I move on the guidance, I wanted to follow up on my remarks from our last call and provide an update on the operating leverage we continue to realize in Q1 of 2023 as we continue to push more nominal gross profit on top of our existing cost infrastructure. I would point investors to slide 15 of our investor presentation to highlight the point.

在我繼續指導之前，我想跟進我在上次電話會議上的評論，並提供我們在 2023 年第一季度繼續實現的運營槓桿的最新情況，因為我們繼續在現有成本之上推動更多的名義毛利潤基礎設施。我會向投資者指出我們投資者介紹的幻燈片 15 以強調這一點。

As you can see on the slide, we realized an incremental $31 million of adjusted gross profit in Q1 23 when compared to last year, which led to an incremental $10 million of adjusted operating income for the quarter, which is 30% on an incremental basis versus 20% on a stand-alone basis for the quarter. This is the definition of creating operating leverage. Understanding that some of the operating leverage was related to the increase in equipment sales for the quarter, as discussed earlier, make no mistake that the field population model and the organic increase in product support revenues year over year have a notable influence in driving this operating leverage.

正如您在幻燈片中看到的，與去年同期相比，我們在 23 年第一季度實現了 3100 萬美元的調整後毛利潤增量，這導致本季度調整後的營業收入增加了 1000 萬美元，增量為 30%本季度單獨增長 20%。這就是創造經營槓桿的定義。如前所述，了解到一些運營槓桿與本季度設備銷售的增長有關，毫無疑問，現場人口模型和產品支持收入的有機增長同比對推動這一運營產生了顯著影響槓桿作用。

Finally, for the last part of my prepared remarks, I would like to discuss the increase in our 2023 adjusted EBITDA guidance which was included in today's earnings release. From a nominal perspective, we've taken the guide up $3 million in both sides of the range. So the updated guidance now $180 million to $188 million of adjusted EBITDA for fiscal 2023.

最後，對於我準備好的發言的最後一部分，我想討論我們 2023 年調整後 EBITDA 指引的增加，該指引包含在今天的收益發布中。從名義上的角度來看，我們在範圍的兩側都將指南提高了 300 萬美元。因此，更新後的指引現在為 2023 財年調整後的 EBITDA 為 1.8 億美元至 1.88 億美元。

A couple of points to make here. First, our guidance has always been more heavily weighted to known variables versus unknown in terms of revenue lines where we have the most visibility. And for our business, those revenue lines are parts and service. And we are bullish that those lines will continue to grow for the foreseeable future. Simply put, our product support revenue set the bedrock for our guidance calculation.

這裡有幾點要說明。首先，就我們最能見度的收入線而言，我們的指導一直更重視已知變量而不是未知變量。對於我們的業務，這些收入線是零件和服務。我們看好這些線路在可預見的未來將繼續增長。簡而言之，我們的產品支持收入為我們的指導計算奠定了基礎。

Second, as mentioned previously, new equipment sales, which can ebb and flow quarter to quarter based on a variety of factors, were definitely flowing in the first quarter. And our product availability headed into Q2 gives us confidence for the foreseeable future on equipment sales.

其次，如前所述，新設備銷售可能會因各種因素而在每個季度之間起伏不定，但在第一季度肯定是流動的。我們進入第二季度的產品可用性讓我們對可預見的未來設備銷售充滿信心。

Lastly, while in the north, the kickoff to our rental season was slightly delayed due to a difficult April weather wise, we remain confident that rental utilization and rates will be solid when we put the final touches on 2023 as a whole.

最後，雖然在北部，由於 4 月的惡劣天氣，我們的租賃季節開始略有延遲，但我們仍然相信，當我們對整個 2023 年進行最後調整時，租金利用率和利率將保持穩定。

In closing, I want to once again thank my Alta teammates for a great start to the year. We're as committed to our strategy and our ability to execute on that strategy as we've ever been. And we look forward to a great 2023 for our employees, our business partners, and for ALTG shareholders. Thanks for your time and attention, and I will turn it back over to the operator for Q&A.

最後，我想再次感謝我的 Alta 隊友，感謝他們為今年開了個好頭。我們一如既往地致力於我們的戰略和執行該戰略的能力。我們期待我們的員工、我們的業務合作夥伴和 ALTG 股東在 2023 年有一個美好的一年。感謝您的時間和關注，我會把它轉回給接線員進行問答。

(Operator Instructions)

（操作員說明）

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，檢察官戴維森。

Hi, Ryan and Tony. This is Will Jellison on for Matt this afternoon.

嗨，瑞安和托尼。我是威爾杰里森，今天下午將接替馬特。

Hey, Will, good afternoon.

嘿，威爾，下午好。

So for the first question, I'm curious to learn a little bit more about how additive the Florida Department of Transportation dollars can really be to the construction business, and just to better understand how it helps the business between sales, rentals, parts, and service. I'm wondering a little bit more about how you think about that impact.

因此，對於第一個問題，我很想了解更多關於佛羅里達州交通部的資金對建築業務的真正貢獻，只是為了更好地了解它如何幫助銷售、租賃、零件之間的業務，和服務。我想知道您如何看待這種影響。

This is Ryan. I'll take that. We generally think of any stimulus coming as adding innings to this cycle because the work -- the contractors are at full capacity. They're all working off of backlog. What we like about transportation is our product portfolio is very well positioned for it, for the big road building type work. So we see it as bullish, but it's hard to really measure. We think of it as just added buoyancy to the demand backdrop. I think it creates confidence amongst our customer base down in Florida, Will, that they're going to be busy for a long time on infrastructure work, which means they're more committed -- they're more likely to commit to assets and put things like articulated dump trucks and excavators on their balance sheet, which as I discussed in my prepared remarks, leads to not only that first sale for us, but all the aftermarket sales thereafter.

這是瑞安。我會接受的。我們通常認為任何刺激措施都會為這個週期增加局數，因為工作——承包商已滿負荷運轉。他們都在處理積壓的工作。我們喜歡交通運輸是因為我們的產品組合非常適合它，適合大型道路建設類型的工作。所以我們認為它是看漲的，但很難真正衡量。我們認為這只是增加了需求背景的活力。我認為這在我們佛羅里達州的客戶群中建立了信心，威爾，他們將長期忙於基礎設施工作，這意味著他們更加投入——他們更有可能投入資產和將鉸接式自卸卡車和挖掘機之類的東西放在他們的資產負債表上，正如我在準備好的發言中所討論的那樣，這不僅為我們帶來了第一次銷售，而且為之後的所有售後市場帶來了銷售。

Okay, great. Thank you for that. And then as a follow-up and I wanted to ask you about product support, because something that called out to me during the quarter was a pretty strong acceleration on a year-over-year growth basis relative to last quarter in both Materials Handling and Construction which is really impressive. And I'm curious about the level of sustainability and in those growth rates across both Materials Handling and Construction in the aftermarket business.

好的，太好了。謝謝你。然後作為後續行動，我想問你關於產品支持的問題，因為在本季度呼喚我的是，與上一季度相比，材料處理和真正令人印象深刻的建築。我很好奇售後市場業務中材料處理和建築的可持續性水平和增長率。

Yes, I think, Will, what's on our mind always is price and quantity. And so we've been able to pass along pricing increases and product support. So as maybe labor rates go up, we've got to charge more to our customers. And our skilled technician base is the intangible value of our business as we've talked a lot about. And they're in high demand to keep customers' equipment up and running as Ryan mentioned earlier. And so, we have pricing power. That's number one in terms of price times quantity. And so, the bottleneck really becomes the quantity, and that's where we talk about technician headcount, recruiting, and retention. And we've done -- our operations team and our human resource team has been doing a great job in that regard. And we're focused on things like keeping [nice] facilities and keeping our technicians in the late model [vans], and investing in all the right areas to retain them.

是的，我想，Will，我們心中總是想著價格和數量。因此，我們已經能夠傳遞價格上漲和產品支持。因此，隨著人工費率的上漲，我們必須向客戶收取更多費用。正如我們經常談論的那樣，我們熟練的技術人員基礎是我們業務的無形價值。正如 Ryan 之前提到的那樣，他們非常需要保持客戶設備的正常運行。因此，我們有定價權。就價格乘以數量而言，這是第一。因此，瓶頸真正變成了數量，這就是我們談論技術人員人數、招聘和保留的地方。我們已經做到了——我們的運營團隊和人力資源團隊在這方面做得很好。我們專注於保持 [漂亮] 設施和讓我們的技術人員留在最新型號 [貨車] 中，並投資於所有正確的領域以留住他們。

So when you're able to do those two things, you have pricing power, the [PE] takes care of itself. And when you're executing like our ops teams does in terms of headcount, the [Q] comes along with it. So the ability to sustain those levels is really less predicated. We've got the equipment out there as I mentioned. More predicated technician headcount and reaping the rewards of what our sales team has given us the opportunity to do.

因此，當你能夠做這兩件事時，你就有定價權，[PE] 就會照顧好自己。當你像我們的運營團隊在人數方面那樣執行時，[Q] 就會隨之而來。因此，維持這些水平的能力實際上不太可靠。正如我提到的，我們已經準備好了設備。更多預測的技術人員人數，並從我們的銷售團隊為我們提供的機會中獲得回報。

That's great. Thank you, Tony, for answering that.

那太棒了。托尼，謝謝你回答這個問題。

Alex Rygiel, B. Riley.

Alex Rygiel，B. 萊利。

Thank you. Good evening, gentlemen. Very nice quarter. First, you don't provide quarterly guidance, but how did the first quarter results stack up relative to your internal projections? I guess another way on I'm asking this is on your increased guidance because of the strong first quarter or is it because of improved expectations for the remaining three quarters?

謝謝。晚上好，先生們。非常好的季度。首先，您不提供季度指導，但第一季度的結果與您的內部預測相比如何？我想我問的另一種方式是由於第一季度強勁而增加了指導，還是因為對剩餘三個季度的預期有所提高？

Yes, good question, Alex. This is Tony. I think it's a little bit of both. And I don't mean that kind of cop out on the answer. But I think internally we met expectations on the more visible, if you will, of revenue stream. So part service, rent to rent even. Where there probably was a little bit of a beat in our minds is on the equipment line. And as I've mentioned in the past, that can be fleeting up sometimes in our -- our OEMs are doing a great job. We had a more natural kind of inventory build through Q4 and into Q1. And then it becomes kind of a race with our technicians again to prep and deliver equipment and get it in the hands of customers. So if there was a beat kind of internally, it would have been on that equipment line. And then just the confidence of what Q1 brought us and talking to customers and thinking about end markets kind of led to maybe a little bit more bullishness on the guide.

是的，問得好，亞歷克斯。這是托尼。我認為兩者都有一點。我並不是說那種逃避答案的意思。但我認為在內部，我們滿足了對更明顯的收入流的期望。所以部分服務，租來租。在我們的腦海中可能有一點節拍的地方是設備線。正如我過去提到的那樣，在我們的 OEM 中，這種情況有時會轉瞬即逝——我們的 OEM 做得很好。我們在第四季度和第一季度建立了一種更自然的庫存。然後它又變成了一場與我們的技術人員的競賽，以準備和交付設備並將其交到客戶手中。因此，如果內部有節拍，它就會出現在設備線上。然後只是對第一季度帶給我們的信心以及與客戶的交談和對終端市場的思考導致了對指南的更多看漲。

And then, thanks for the new slides. On slide 14, are you saying that parts and services as a percentage of new used and rental can rebound back up 55%? What is the typical lag in parts and services as it sort of catches up to a more normalized level relative to new used and rental sales?

然後，感謝新幻燈片。在幻燈片 14 上，你是說零件和服務佔新舊和租金的百分比可以回升 55%？零件和服務的典型滯後是什麼，因為它有點趕上相對於新舊和租賃銷售的更正常的水平？

Yes, Alex, what we were trying to depict is using history kind of just as a barometer, if you will, on average. So if you just look at the last couple of years, 50% parts and service relative to equipment sales. And what we were trying to -- what I was trying to convey was to the extent equipment sales go beyond what they have historically. And in this case, in Q1, $60 million beyond 2021. Some day, there will be a -- there won't be a step function immediately to your point. But someday over time, that incremental $60 million of equipment ages, breaks down, there'll be $30 million of parts and service revenue out there for us to sort of harvest, if you will. And that had really strong kind of incremental margins.

是的，亞歷克斯，我們試圖描述的是平均使用歷史作為晴雨表。所以如果你只看過去幾年，50% 的零件和服務與設備銷售有關。我們試圖——我試圖傳達的是設備銷售超出歷史水平的程度。在這種情況下，在第一季度，到 2021 年之後將達到 6000 萬美元。總有一天，不會有階梯函數。但總有一天，隨著時間的推移，增加的 6000 萬美元設備老化、發生故障，如果你願意的話，將有 3000 萬美元的零件和服務收入供我們收穫。這具有非常強勁的增量利潤率。

And so the point was not to say that we'd get back to $55 million, although I do think there's room to move that up. It's just the way the math works as you kind of -- you layer more equipment on in the early innings, if you will. And then the metric itself sort of catches up. So -- and then you also have a mix issue where construction might be a little bit less than material handling when it comes to product support as a percentage of revenue.

所以重點並不是說我們會回到 5500 萬美元，儘管我確實認為還有提升的空間。這就是數學運作的方式——如果你願意的話，你可以在前幾局穿上更多的裝備。然後指標本身就會趕上來。所以 - 然後你還有一個混合問題，當涉及產品支持佔收入的百分比時，建築可能比材料處理少一點。

The second part of your question, Alex, how long? We've done some studies on this. In the Material Handling business, it can be almost immediate because we're signing contracts for for maintenance agreements alongside of delivering large fleets. Sometimes to the extent those fleets are replacing old equipment, there's really not much of a gain there. You might be able to charge a little bit more for the new fleet versus the old. But to the extent it's incremental in the material handling side, the product support revenue can hit immediately. More typical, though, is a two to three year lag based on our kind of internal analysis. Before that [fall], in this case, $30 million with sort of unveil itself, it would kind of come over pro rata, if you will, over that two or three year period.

你的問題的第二部分，亞歷克斯，多長時間？我們對此做了一些研究。在物料搬運業務中，這幾乎是立竿見影的，因為我們在交付大型車隊的同時還簽署了維護協議合同。有時，就這些車隊更換舊設備而言，實際上並沒有太大的收穫。與舊機隊相比，您可能可以為新機隊收取更多費用。但就材料處理方面的增量而言，產品支持收入會立即受到影響。不過，根據我們的內部分析，更典型的是兩到三年的滯後。在那 [秋天] 之前，在這種情況下，3000 萬美元有點揭開面紗，如果你願意的話，它會在兩三年內按比例支付。

Very helpful. And then, Ryan, you -- on slide 7, you highlighted expand alternative energy related opportunities. Can you go a little bit deeper into that opportunity?

很有幫助。然後，Ryan，你——在幻燈片 7 上，你強調了擴大替代能源相關的機會。你能更深入地了解這個機會嗎？

So there are a couple of opportunities as it relates to alternative energy. And it's the fueling that goes along with electric drivetrains. For the battery electric vehicles that's going to be charging infrastructure and actually the installation and inspection and maintenance of those types of systems. And then for the fuel cell truck which is coming later this year, it's the actual gas delivery dispensing equipment on-site at the customer sites and delivery vehicles -- compressed tank delivery vehicles for the gas. That's all part of the ecosystem that's being built around this electromobility and something we have a lot of experience from the legacy business on the material handling side.

因此，與替代能源相關的機會有很多。這是與電動傳動系統一起提供的燃料。對於將成為充電基礎設施的電池電動汽車，實際上是這些類型系統的安裝、檢查和維護。然後對於今年晚些時候推出的燃料電池卡車，它是客戶現場的實際氣體輸送分配設備和輸送車輛——用於氣體的壓縮罐輸送車輛。這就是圍繞這種電動汽車構建的生態系統的所有部分，我們在材料處理方面從傳統業務中獲得了很多經驗。

Very helpful. Thank you very much.

很有幫助。非常感謝。

Ted Jackson, Northland Securities.

北國證券的泰德·傑克遜。

Thanks very much. So, congratulations on the quarter.

非常感謝。所以，祝賀這個季度。

My first question is kind of really around kind of equipment pricing. If you paid attention to all the kind of heavy equipment manufacturers and Hyster-Yale in particular, all of them have gone through some pretty material increases in terms of pricing to catch back up, deal with inflation. And a lot of those higher priced sales, our backlog is starting to find them their way through. So I'm kind of curious if we were to look at your new equipment sales, how much of it was pushed forward by units, and how much of this was pushed forward by pricing in terms of growth?

我的第一個問題是關於設備定價的。如果你注意所有類型的重型設備製造商，尤其是 Hyster-Yale，它們都在定價方面經歷了一些相當大的實質性上漲，以趕上通脹，應對通貨膨脹。還有很多價格較高的銷售，我們的積壓訂單開始找到解決辦法。所以我很好奇我們是否要看看你們的新設備銷售，其中有多少是由單位推動的，有多少是由增長方面的定價推動的？

Ted, what I would say is, we're probably in line -- what we're doing 9 times out of 10 is just passing along the price increase that the OEMs would say. So if Hyster-Yale has, I think been pretty public about what's going on with their pricing. If you notice, our margins have actually expanded a little bit through. But nothing significant. We're going to trade kind of in that 10% to 14%, 10% to 15% GP range. And so, we would have realized the same kind of increase in costs and in being able to pass that along to the customer.

泰德，我想說的是，我們可能在排隊——我們 10 次中有 9 次只是傳遞原始設備製造商會說的價格上漲。因此，如果 Hyster-Yale 有，我認為他們的定價情況已經公開。如果您注意到，我們的利潤實際上已經擴大了一點。但沒什麼大不了的。我們將在 10% 到 14%、10% 到 15% 的 GP 範圍內進行交易。因此，我們會意識到同樣的成本增加，並且能夠將其轉嫁給客戶。

One of the things that we highlighted in the press releases, we are not seeing any cancellations in the backlog. We still have -- despite kind of working -- having a lot of equipment sales as I mentioned, backlogs remain really, really high. And so, the incremental $60 million, we are taking share in certain regions like upstate New York where we bought Vantage back in 2020, our market share has gone up. We're doing that in certain pockets of -- other pockets of our business as well. So again, to the previous point on price times quantity, it's a combination of both. I can't give you the ratio, but I know it's not just all price, I guess is the point I like to make.

我們在新聞稿中強調的一件事是，我們沒有看到積壓訂單中有任何取消。正如我提到的，我們仍然有——儘管有點工作——有很多設備銷售，積壓仍然非常非常高。因此，增加的 6000 萬美元，我們正在某些地區佔據份額，比如我們在 2020 年買下 Vantage 的紐約州北部，我們的市場份額已經上升。我們正在某些領域這樣做——我們業務的其他領域也是如此。因此，對於之前關於價格乘以數量的觀點，它是兩者的結合。我不能給你比例，但我知道這不僅僅是所有價格，我想這就是我想表達的觀點。

Still sticking on the new equipment sales, as supply chains are easing and your backlog is going to get worked through, and again, it seems like the time line ticking bring for the -- OEMs, bring their backlogs back down to, let's call it normalized level some time, call it early first half of '24. Is it fair to assume that as this plays itself out that we should see consistent like -- so consistent growth with regards to you on a quarter by quarter basis for and new equipment sales as we roll through '23 and get to '24?

仍然堅持新設備的銷售，因為供應鏈正在放鬆，你的積壓將得到解決，而且，似乎時間線滴答作響地為 - OEM 帶來，讓他們的積壓回到，讓我們稱之為一段時間的標準化水平，稱之為 24 年上半年早期。假設隨著這種情況的發生，我們應該看到一致的 - 隨著我們從 23 年到 24 年，新設備銷售的季度增長和新設備銷售持續增長，這是否公平？

Okay. I think the way I'd answer that, Ted, is, you know, the rest of '23, if you look at kind of the inventory levels that we have coming out of Q1 versus the sales levels were somewhere around two turns on new equipment. And we probably -- that's a pretty good level from a kind of more natural state of affairs. We've been turning our new equipment much faster than that the last couple of years, just given supply chain issues. So we -- to the extent the demand backdrop kind of holds here, we would expect to have good equipment sales throughout the remainder of the year. And specifically on the material handling side, we're selling out of a sort of a kind of a locked-in backlog that Hyster-Yale likes to speak to as well. We feel pretty good about 2023.

好的。泰德，我想我回答這個問題的方式是，你知道，在 23 年的剩餘時間裡，如果你看一下我們從第一季度出來的庫存水平與銷售水平大約在新的兩個回合左右設備。我們可能 - 從一種更自然的事態來看，這是一個相當不錯的水平。考慮到供應鏈問題，我們的新設備生產速度比過去幾年快得多。因此，我們 - 就需求背景而言，我們預計在今年餘下時間會有良好的設備銷售。特別是在材料處理方面，我們正在銷售一種鎖定的積壓訂單，海斯特-耶魯也喜歡與之交談。我們對 2023 年感覺很好。

As things kind of -- to your point on '24, and backlog starts to normalize, I guess we're going to we're going to have to see if you look at though bookings in the forklift business, just in general, they've remained strong relative to history. And so, OEMs are already booking up '24, '25. So it remains to be seen. But I think so long as the demand backdrop is there, I still think that we'd be able to -- we should be able to continue to grow that line.

正如你在 24 日所說的那樣，積壓開始正常化，我想我們將不得不看看你是否看一下叉車業務的預訂，總的來說，他們相對於歷史而言，它仍然很強大。因此，原始設備製造商已經預訂了 24 和 25 年。所以還有待觀察。但我認為只要存在需求背景，我仍然認為我們能夠——我們應該能夠繼續擴大這條線。

The next topic was just kind of Ecoverse. You brought up a comment with regard to seasonality. You know, the seasonality, that business you suggested it would be typically stronger in the first half of the year than in the second half? Can you walk us through that a little bit since it's such a new part of the business and help us understand kind of how that -- for lack of a better term, a typical year revenues might flow through that portion of Alta going forward?

下一個主題只是一種生態宇宙。你提出了關於季節性的評論。你知道，季節性，你建議的業務在上半年通常會比下半年更強勁嗎？您能否帶我們了解一下，因為它是業務的一個新部分，並幫助我們了解這種情況——由於缺乏更好的術語，典型的年度收入可能會流經 Alta 的那一部分？

Yes. So just to recap, Ecoverse was about $10 million of EBITDA, $60 ish million dollars, if I have it right, of revenue for 2022. And they just had a really strong $26 million in the first quarter here, which would suggest that they've almost half of what they did in '22 in the first quarter. Keep in mind that they're selling to dealers like Alta. And so as I mentioned previously, we've got a little bit more of a natural state of affairs supply chain wise. We're inventorying up specifically in our construction business in Q1, Q2, and then selling down inventory in Q3 and Q4. Ecoverse is selling into that to their dealers. And so Q1 is a really strong quarter, meaning we wouldn't expect this level of Q1 performance throughout the rest of the year.

是的。回顧一下，Ecoverse 的 EBITDA 約為 1000 萬美元，如果我沒記錯的話，2022 年的收入將達到 6000 萬美元。他們在第一季度的收入非常強勁，為 2600 萬美元，這表明他們他們在第一季度幾乎完成了 22 年的一半。請記住，他們正在向像 Alta 這樣的經銷商銷售產品。因此，正如我之前提到的，我們在供應鏈方面有更多的自然狀態。我們在第一季度、第二季度特別是在我們的建築業務中存貨，然後在第三季度和第四季度出售庫存。 Ecoverse 正在將其出售給他們的經銷商。因此，第一季度是一個非常強勁的季度，這意味著我們預計今年餘下時間不會出現這種水平的第一季度表現。

Ted, what I would say is, we expect Ecoverse to be -- to do better than what the $10 million of EBITDA was in 2022. You know, I think we spoke previously about 15%, 20% a year would be something we'd be pleased with. I think they're off to a great start. But hopefully that helps you kind of figure out what the rest of the year looks like.

泰德，我想說的是，我們預計 Ecoverse 會比 2022 年 1000 萬美元的 EBITDA 做得更好。你知道，我想我們之前談過 15%，每年 20% 是我們的目標d 很高興。我認為他們開了個好頭。但希望這能幫助你弄清楚今年剩下的時間會是什麼樣子。

I'm not asking for saying that the year is kind of understanding like a cadence of it. So if I was to say move forward to say, '24 and '25, I would think about Ecoverse in saying the first quarter is going to be by far their strongest quarter, and by default that their the third and fourth quarters are going to be their weaker quarters.

我並不是要說這一年就像它的節奏一樣理解。因此，如果我要說前進到 24 和 25，我會考慮 Ecoverse 說第一季度將是迄今為止他們最強勁的季度，默認情況下他們的第三和第四季度將成為他們較弱的地方。

Yes, I think the way I would think about it is maybe fourth quarter first quarter would be their stronger quarters and then two and three, Q2 and Q3 may be a little bit weaker.

是的，我認為我的想法可能是第四季度第一季度將是他們更強的季度，然後是第二季度和第三季度，第二季度和第三季度可能會更弱一些。

Okay. And then my last topic, and I'll get out of your hair. Just from a little discussion with regards to the M&A pipeline, kind of what -- what kind of activities out there? Any changes in terms of what you're seeing in terms of valuations for the assets that you look for? Any change in terms of the competitive landscape for assets that you're planning for?

好的。然後是我的最後一個話題，我會擺脫你的頭髮。只是從關於併購管道的一些討論中，什麼樣的 - 那裡有什麼樣的活動？在您所尋找的資產估值方面，您所看到的有什麼變化嗎？您計劃的資產競爭格局有何變化？

Nothing out of the ordinary, Ted. This is Tony. We continue to take incoming calls. We're a known buyer at this point in our dealer networks and in our geographies. And so, we're being mindful and being selective on what deals we're pursuing and with what kind of OEMs. But there's very much a pipeline of classic Alta M&A opportunities that are in front of us right now. And we really haven't seen valuations change. I've been doing -- I've been with Alta eight years and still haven't seen a -- there's not a lot of volatility in private equipment companies when it comes to the multiples.

沒有什麼不尋常的，特德。這是托尼。我們繼續接聽來電。此時我們在我們的經銷商網絡和我們的地區是一個知名的買家。因此，我們對我們追求的交易以及與什麼樣的原始設備製造商的交易保持謹慎和選擇性。但現在擺在我們面前的有很多經典的阿爾塔併購機會。我們真的沒有看到估值發生變化。我一直在做——我在 Alta 工作了八年，但仍然沒有看到——就市盈率而言，私營設備公司的波動並不大。

All right. Thanks very much.

好的。非常感謝。

Thanks, Ted.

謝謝，泰德。

Bryan Fast, Raymond James.

布萊恩法斯特，雷蒙德詹姆斯。

Yes, thanks. Good afternoon, guys. Just on the -- (multiple speakers) Just on the Yale Industrial Trucks acquisition in the summer of last year, now that we're coming up on a year of that acquisition, give a sense that you're gaining market share there and is that presenting additional opportunities in the region?

對了謝謝。下午好，伙計們。就在——（多位發言者）就在去年夏天收購耶魯工業卡車，現在我們即將迎來收購的一年，給人一種你正在那裡獲得市場份額的感覺，並且是在該地區提供更多機會？

Bryan, this is Ryan. I think it's too early for us to report -- I don't know that we ever report on share first specific OEM, but what we could say there is that we're having growth in the sales area largely as a function of allied lines and just support and training from the parent. So it's -- we're excited about the progress as we've got started there.

布萊恩，這是瑞安。我認為現在報告還為時過早——我不知道我們是否曾報告過第一個特定 OEM 的份額，但我們可以說的是，我們在銷售領域的增長主要是由於聯合線的功能以及來自父母的支持和培訓。所以它 - 我們對我們在那裡開始的進展感到興奮。

Bryan, we've brought some -- some of the OEMs that we represent in the US, we've brought those relationships to Canada. And we've made some sales. As Ryan mentioned, early innings, but our sales force up there is really excited to get -- and then the technicians working on new things and new technology. So we're off to a good start there.

布萊恩，我們帶來了一些——我們在美國代表的一些原始設備製造商，我們把這些關係帶到了加拿大。我們已經做了一些銷售。正如 Ryan 提到的那樣，早期局，但我們在那裡的銷售人員真的很興奮——然後技術人員致力於新事物和新技術。所以我們在那裡有了一個良好的開端。

Okay. Fair enough. And then just on inventory, we saw a build-in inventory obviously during the quarter as you guys ramp up. Could you just talk about your comfort level there? Do you feel like you have the right mix of inventory or are there areas where it's still difficult to source?

好的。很公平。然後就庫存而言，隨著你們的增加，我們在本季度明顯看到了內置庫存。你能談談你在那裡的舒適度嗎？您覺得您的庫存組合是否正確，或者是否存在仍然難以採購的區域？

Yes, good question. We're comfortable with the level in general. Ended the quarter there with $380 million dollars of new and used equipment. We're always comfortable with our parts inventory just given kind of how quickly it turns. So we're always focused on the equipment. And as I mentioned, we're somewhere around two turns on new and used, which is fine. We've been to these levels. So macro comment there. Fine. There still are pockets of products, our product portfolio, that are still dragging relative to history in terms of deliveries and lead times and so on where we wish we had more of a certain product versus kind of -- well, period. We wish we had more of a certain product.

是的，好問題。我們對總體水平感到滿意。以 3.8 億美元的新設備和二手設備結束了本季度。考慮到它的周轉速度，我們總是對我們的零件庫存感到滿意。所以我們總是專注於設備。正如我提到的，我們在新的和二手的兩圈左右，這很好。我們已經達到了這些水平。那裡有宏評論。美好的。仍然有一些產品，我們的產品組合，在交貨和交貨時間等方面相對於歷史仍然拖延，我們希望我們有更多的某種產品而不是那種 - 好吧，時期。我們希望我們有更多的某種產品。

But in general, the supply chains are abating. We like the mix of our -- the mix of our fleet in the new equipment. And what I would say too is when you're part of these dealer networks, when you do have inventory, dealer trades become much more -- kind of they're part of things. So you work with your sister dealers on -- they may need something somewhere in some other geography, we may need something. And you work together to kind of take it to the competition. And so, we haven't had to do a whole lot of that the last couple of years. But we -- that will be something that kind of reignits itself here in the coming months and years.

但總的來說，供應鏈正在減弱。我們喜歡我們的組合——我們的機隊在新設備中的組合。我還要說的是，當你成為這些經銷商網絡的一部分時，當你確實有庫存時，經銷商交易就會變得更多——有點像它們的一部分。所以你和你的姐妹經銷商一起工作——他們可能需要在其他地方的某個地方，我們可能需要一些東西。你們一起努力，把它帶到比賽中。因此，在過去的幾年裡，我們不必做太多這樣的事情。但是我們——在未來的幾個月和幾年裡，這將是一種重新點燃自己的東西。

Okay. Thanks. Appreciate the color. That's it for me.

好的。謝謝。欣賞顏色。對我來說就是這樣。

There are no more questions. So I'll pass the call back over to the management team for closing remarks.

沒有問題了。所以我會把電話轉回給管理團隊，讓他們發表結束語。

Thank you. In closing I'd like to reflect back on our three years as a public company. We have navigated a global pandemic, historic supply chain disruptions, and a rising interest rate environment. Through this Alta's team executed flawlessly on our growth strategy and our commitment to servicing our customers at the highest level. As we look to the future, we see tremendous opportunity to build meaningful scale and operating leverage for the business, and with it, long-term value for our shareholders.

謝謝。最後，我想回顧一下我們作為一家上市公司的三年。我們已經度過了全球大流行、歷史性的供應鏈中斷和利率上升的環境。通過這個，Alta 的團隊完美地執行了我們的增長戰略和我們為客戶提供最高水平服務的承諾。展望未來，我們看到了為企業建立有意義的規模和經營槓桿的巨大機會，並以此為我們的股東創造長期價值。

I want to say thank you to all my team, Alta teammates, for a truly phenomenal performance, and thank you to our shareholders for your continued support. And that concludes the call. Thank you.

我要感謝我的所有團隊，Alta 隊友，感謝你們真正出色的表現，並感謝我們的股東一直以來的支持。通話到此結束。謝謝。

That concludes the conference call.

電話會議到此結束。