Alta Equipment Group Inc (ALTG) 2023 Q4 法說會逐字稿

Who are more Good afternoon and thank you for attending the Alta Equipment Group Fourth Quarter and Full Year 2023 earnings conference call. My name is Matt, and I'll be your moderator for today's call. I would now like to turn the call over to Jason, Dan Myers, Director of SEC Reporting and technical accounting with Alta equipment group.

誰更多下午好，感謝您參加阿爾塔設備集團 2023 年第四季和全年財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。我現在想將電話轉給 Alta 設備集團 SEC 報告和技術會計總監 Jason, Dan Myers。

Thank you, Matt. Good afternoon, everyone, and thank you for joining us today. A press release detailing Altace Fourth Quarter and Full Year 2023 financial results was issued this afternoon and is posted on our website along with a presentation designed to assist you in understanding the Company's results. 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 our fourth quarter and full year 2023 financial results. We will begin with some prepared remarks before we open the call for your questions.

謝謝你，馬特。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 Altace 第四季和 2023 年全年財務業績的新聞稿，並發佈在我們的網站上，並附有旨在幫助您了解公司業績的簡報。今天與我通話的是我們的董事長兼執行長瑞安‧格林納瓦特 (Ryan Greenawalt)；以及我們的財務長托尼·科魯奇。在今天的電話會議中，管理層將首先回顧我們第四季度和 2023 年全年的財務表現。在開始詢問您的問題之前，我們將首先發表一些準備好的評論。

Please proceed to slide 2. 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 auto growth, market opportunities and general economic and business conditions.

請繼續看投影片 2。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我們的聲明中所述的其他非歷史性陳述。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，包括與汽車成長、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. For Descriptions of these and other risks that could cause actual results to differ materially from the forward-looking statements are discussed in our reports filed with the SEC, including our press release that was issued today.

我們的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、財務狀況和營運績效。儘管我們認為這些期望是合理的，但我們沒有義務修改任何聲明以反映本次電話會議後所發生的變更。我們向美國證券交易委員會提交的報告（包括今天發布的新聞稿）中討論了可能導致實際結果與前瞻性陳述有重大差異的這些風險和其他風險的描述。

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 dot Alta equipment.com. I will now turn the call over to Ryan.

在這次電話會議中，我們可能會介紹公認會計準則和非公認會計準則的財務指標。今天的新聞稿中包含了 GAAP 與非 GAAP 衡量標準的調整表，您可以在我們的投資者網站 Alta Equipment.com 上找到調整表。我現在將把電話轉給瑞安。

Thank you, Jason. Good afternoon, everyone, and thank you for joining us today. I will 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 Altus 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.

謝謝你，傑森。大家下午好，感謝您今天加入我們。我將首先快速概述我們第四季度和 2023 年全年的業績，然後提供有關我們最終用戶市場業務狀況的當前評估，然後更新我們的成長策略。在我結束後，托尼將提供有關我們的財務和營運績效的詳細分析。我很高興地報告我們在 2023 年取得了創紀錄的成果。如果沒有 Altus 團隊的全力投入和紮實執行，我們的表現是不可能實現的。我真誠地感謝你。由於我們利用了終端用戶市場的廣泛優勢，我們的業務動能在第四季明顯持續。

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 the versatility and resilience 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.

第四季總營收比去年同期成長21.7%，達到季度紀錄的5.215 億美元，全年建築業務營收成長19.4%，達到19 億美元，第四季營收成長22%，達到3.281 億美元，全年收入成長12.9%，達到19 億美元。全年 11 億美元。本季物料搬運收入成長 16% 至 1.79 億美元，全年成長 19.4% 至 6.815 億美元。新設備和二手設備銷售額從 2022 年的 8.172 億美元成長了 25.5%，今年略高於 10 億美元。這是年度記錄。在慶祝這一里程碑的同時，我們也應該強調我們業務模式的多功能性和彈性，該模式在2023 年為各業務部門帶來了超過5.196 億美元的高利潤零件和服務收入，同比增長17.7 %。

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.

Alta 的獨特之處在於我們產品的廣度、潛在市場的規模以及市場地位的防禦性。我們的重點是推動和維持長期的設備現場人口，並推動售後支援滲透到日益多元化的客戶群，為我們的客戶提供一流的支持，以盡可能減少停機時間保持其車隊的高度利用率仍然是核心我們的營運重點。到年底，我們擁有 1,300 多名經過工廠培訓和認證的創收技術人員。

Today's investor presentation includes on slide 10, an overview of some of the attractive features of Walter's equipment dealership business model, including protected exclusive areas of primary responsibilities are APR's 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 products support revenue streams with pricing power given exclusivity for replacement parts and scarcity of skilled labor.

今天的投資者演示包括幻燈片10，概述了瓦爾特設備經銷商業務模式的一些有吸引力的特徵，包括受保護的主要責任專有領域是APR 對OEM 更換零件的專有權、為現場人員提供保固維修工作的專有診斷軟體必須由授權經銷商執行，工廠培訓以確保專業的產品支援能力，年金產品以定價權支援收入流，因為更換零件的排他性和熟練勞動力的稀缺性。

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's core competency lies in our operational excellence as a top-performing dealer, providing full-scope equipment solutions to our customers through professional sales and service capabilities.

經銷商綜合租賃業務的另一個重要區別在於，我們能夠利用我們廣泛且專業的銷售團隊，在向客戶零售二手租賃設備時獲得最大回報，而不是簡單地將其出售給拍賣行。這使我們能夠將零件和服務專業知識的寶貴售後回報保留在我們的年利率內，而不會降低我們的租賃能力，但我想重申，我們業務的核心競爭力在於我們作為表現最佳的經銷商的卓越運營，提供全面的服務。透過專業的銷售和服務能力為客戶提供設備解決方案。

I'll now talk about current business for outlook for 2024 is positive. The positive is 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 segment 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 US construction concrete tracks increased significantly year over year.

我現在將談論當前的業務，因為 2024 年的前景是積極的。積極的一面是，我們的業務部門和廣闊的最終用戶市場有多種持續成長的機會。最重要的是，我們客戶的正面情緒一直持續到今年。隨著供應鏈的正常化，我們的建築和材料處理部門的前景令人鼓舞，而且我們今年已經有大量的設備訂單。因此，對我們產品支援服務的需求也會成長。產業相關數據也支持了我們今年的觀點。美國建築混凝土軌道總量較去年同期顯著增加。

In January, nonresidential construction starts are forecast to increase from $441 billion last year to $458 billion in 2020 for 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 and much of our Northern Territory and general contractors and subcontractors are extremely busy with all backlogs of met lack of manpower remaining an ongoing challenge in the Material Handling segment where we enjoy arguably the most diverse end market end market exposure of any industry.

1 月份，非住宅建築開工預計將從去年的4,410 億美元增加到2020 年的4,580 億美元，聯邦基礎設施支出預計也會加速，因為其中許多重大項目尚未破土動工，而且我們的合約授予在這兩個領域都表現強勁。我們經營所在的東北部和佛羅裡達州。此外，州交通部 2024 財政年度預算比去年高出 10% 以上。製造業的外包趨勢仍在繼續，我們北領地的許多總承包商和分包商都非常忙碌，因人力短缺而積壓，這仍然是物料搬運領域持續面臨的挑戰，我們可以說是物料搬運領域最多樣化化的終端市場。任何產業。

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 increased our efforts to equity 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.

隨著市場的穩定，我們專注於勞動力和能源效率的主題，以及新冠疫情之前的創紀錄水平，我們與海斯特-耶魯和我們的聯合產品一起，在擴大我們在倉庫市場的市場份額方面繼續取得進展線。該細分市場的額外銷售額加大了我們對先進技術解決方案的股權銷售力度，為經銷商和 OEM 帶來了更複雜、更有利可圖的客戶關係。我們的多元化成長策略繼續證明非常成功，過去三年的財務和營運成長證明了我們有能力透過收購和進入新的最終用戶市場來有機地顯著擴展我們的業務。

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 Burress equipment company, a premier supplier of compact construction and turf equipment with three locations in Illinois.

2023 年，我們透過增加市場份額、擴大產品組合和進入新領域，實現了 12.3% 的有機成長。我們將利用現有的 OEM 關係並與新製造商發展合作夥伴關係，繼續擴大我們現有業務領域的地理覆蓋範圍和產品組合。我們去年的三項收購代表了我們的策略。在前幾個季度中，我們討論了對M&G 物料搬運的收購，擴大我們在新英格蘭的堆高機市場覆蓋範圍。10 月份，我們收購了Burress 設備公司，該公司是緊湊型建築和草坪設備的主要供應商，在伊利諾州擁有三個分支機構。

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 all industries, the privately held Canadian equipment distributor with locations in Ontario and Quebec. This was also our first investment in Canada for our construction equipment segment. Faultless bill has built a high-performing equipment dealership in the aggregate and mining space, a growing end market in that region.

此次收購使我們能夠進一步涵蓋和滲透芝加哥地鐵市場，並在高度分散的緊湊型建築設備市場中獲得進一步的成長機會。11 月，我們收購了 All Industries，一家位於安大略省和魁北克省的私人加拿大設備經銷商。這也是我們在加拿大建築設備領域的首次投資。完美比爾在聚合和採礦領域建立了一個高性能的設備經銷商，這是該地區不斷增長的終端市場。

Also in November, we established a new OEM relationship with case power and 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 nonresidential construction contractors. Both locations will sell and service the full lineup of cased, 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 and $65 million in adjusted EBITDA.

同樣在11 月，我們與案例電源和設備建立了新的OEM 關係，這也使得我們能夠進入賓夕法尼亞州中部和西部市場，最初為匹茲堡及週邊地區提供服務，併計劃於2024 年進一步擴展到賓夕法尼亞州中部，為一般建築基礎設施和住宅提供服務和非住宅建築承包商。這兩個地點都將銷售和維修全系列的箱式、重型緊湊型和超緊湊型設備及配件。自 2020 年上市以來，我們完成的 16 項收購是我們成功的主要貢獻者，為我們帶來了 5.37 億美元的收入和 6,500 萬美元的調整後 EBITDA。

We are continuing to pursue accretive acquisitions and opportunities which would further expand the scale and scope have 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 eight tractors. We're also evaluating additional segments, including both heavy duty Class six and seven and light duty Class three through five evenings. Our approach aligns with our current field population strategy and includes sales of parts and service and turnkey charging infrastructure solutions.

我們將繼續尋求增值收購和機會，以進一步擴大為客戶提供產品的規模和範圍。我們也持續致力於我們的電動車策略，以利用商業卡車運輸領域新興的替代能源相關機會。除了我們目前推出的八級拖拉機之外。我們也正在評估其他部分，包括重型六級和七級以及輕型三級至五晚。我們的方法符合我們目前的現場人口策略，包括零件和服務的銷售以及交鑰匙充電基礎設施解決方案。

In closing, 2023 with a net up 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 discuss our financial performance in more detail.

最後，淨成長的 2023 年對我們的業務來說是出色的一年，我們專注於持續成長、獲利能力和平衡的資本配置。最後，我們每天都在努力培養一種賦權、責任和機會的文化，我們圍繞著共同的目標團結起來，傳遞能夠帶來改變的信任。我要再次感謝我們的員工的奉獻精神以及為我們的客戶、業務夥伴和尊貴的股東帶來的信任。我們的共同目標是我們企業文化的基礎，這最終也造就了我們今天的首要設備經銷商平台。我現在將把它交給托尼，更詳細地討論我們的財務表現。

Thanks, Ryan, and 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 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 Delta's employees, which now numbers 3,000 strong and ranges from Illinois, Illinois, Maine and from Florida to the northern regions of Québec and Ontario. My remarks today will focus on three areas. First, I'll briefly present our fourth quarter results, which will include specific comments of what was a strong operating cash flow in Q4. Second, I'll present and comment on our full year 2023 results closely focusing on several key themes and metrics for the year.

謝謝 Ryan，大家晚上好，感謝您對 Alta 設備集團以及我們 2023 年第四季度和全年財務業績的關注，我們對 2023 年的業績感到自豪。在開始之前，我首先要祝賀我的團隊成員在 2023 年的辛勤工作以及對業務和客戶的奉獻。我們的成果反映了我們的文化，這種文化以我們的指導原則為基礎，我們所有人日復一日地不斷發展我們的團隊合作方法，感謝所有達美航空的員工，目前共有3,000 名員工，來自伊利諾州、伊利諾州、緬因州以及從佛羅裡達州到魁北克省和安大略省北部地區。我今天的發言將集中在三個方面。首先，我將簡要介紹我們第四季度的業績，其中將包括對第四季度強勁的營運現金流的具體評論。其次，我將介紹並評論我們的 2023 年全年業績，重點在於今年的幾個關鍵主題和指標。

Lastly, I'll provide guidance for 2020 for 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 in 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. dot com. With that said, for the first portion of my prepared remarks and as 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 last 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 comps, specifically equipment sales, which are usually very strong in Q4 and were again this year increased $70 million for the quarter to $336 million.

最後，我將提供 2020 年調整後 EBITDA 指南，並討論支撐年度指南的假設和假設。作為討論的一部分，在我開始討論要點之前，我將根據我們在日曆中的位置提供對第一季的一些見解。應該指出的是，我將在今天的電話會議中引用我們簡報中的幻燈片。我鼓勵參加今天電話會議的每個人查看我們的簡報和 10 K，這些資訊可以在我們的投資者關係網站 ALTG 上找到。 .com。話雖如此，對於我準備好的發言的第一部分以及收益報告中幻燈片 12 至 21 中介紹的第四季度業績。本季度，該公司錄得約5.22 億美元的創紀錄收入，與去年第四季的第三季度相比顯著增長9,300 萬美元，是公司歷史上第一個5 億美元的季度，該季度5.22 億美元的收入反映了與2022 年第四季度相比，有機增長了17%，與日益困難的競爭相比，又一個相對強勁的季度，特別是設備銷售，通常在第四季度非常強勁，今年該季度再次增加7,000 萬美元，達到3.36 億美元。

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 50 $0.5 of annual high margin product support revenue over time. So it follows that in a year where we sell 200, $5 million more equipment than we did in the previous year. We have great confidence that additional product support revenues will be there for years to come.

在此暫停一下，因為前所未有的設備銷售水準是本季的一大亮點。與 2022 年相比，今年我們在現場人員中投入的設備數量增加了約 2.05 億美元。為什麼這很重要？回想一下，在第一季度，我們向投資者提供的資訊表明，我們能夠向現場人員銷售的設備每增加一美元，隨著時間的推移，我們預計將獲得約50 美元0.5 美元的年度高利潤產品支持收入。因此，我們在這一年銷售了 200 台設備，比前一年多了 500 萬美元。我們堅信，未來幾年將會有更多的產品支援收入。

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 10 or over 10% organically versus last year.

接下來是產品支援、我們的產品、零件和服務業務線。儘管季度業績障礙變得更加困難，但本季的產品支援收入約為 1.3 億美元，比去年有機增長了 1,150 萬美元，增長了 10% 或 10% 以上。

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 Q4 2022 and $3.6 million on a pro forma base. 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.

談到租賃，我們的租賃業務在本季度保持良好，因為我們通常會看到每年從第三季到第四季的連續下滑，本季的租賃收入為 5500 萬美元。從 EBITDA 角度來看，我們本季調整後 EBITDA 實現了 4,970 萬美元，比 2022 年第四季調整後水準增加了 700 萬美元，預計增加了 360 萬美元。因此，從銷售和 EBITDA 的角度來看，今年年底的季度表現非常強勁，該季度再次達到了我們預期的高端，這主要是由於設備銷售的大幅增長。

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 performance, but from the leveling off of inventory and rental fleet levels versus Q. three, 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 $30 million, $45 million of capital into accretive Burress and old acquisitions without impacting liquidity and also allowed for some deleveraging in the quarter truly was an excellent quarter for the balance sheet.

從現金流的角度來看，本季非常強勁，因為我們在投影片 32 中定義的營運自由現金流約為 5,000 萬美元，因為我們不僅受益於強勁的損益績效表現，還受益於庫存的平穩化和租賃車隊水準與第三季相比，我們認為該季度的營運現金流水準顯示了公司的穩態現金流能力。重要的是，本季的現金流使我們能夠在不影響流動性的情況下將3000 萬美元、4500 萬美元的資本部署到增值的Burress 和舊收購中，並且還允許本季度進行一些去槓桿化，這對於資產負債表來說確實是一個出色的季度。

Now turning over to Turning to our results for the full fiscal year, the Company recorded $1.8 billion in revenue in 2023, as we are now pacing towards $2 billion of revenue on a pro forma basis on the adjusted EBITDA line, the Company achieved $191.4 million in 2022 and 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 economics that our version of steady-state unlevered and levered free cash flow on a on average invested capital of approximately $800 million in 2023. We finished the year at just over 15% economic EBITDA yield or return on invested capital.

現在轉向我們整個財年的業績，公司在 2023 年實現了 18 億美元的收入，而我們現在正朝著調整後 EBITDA 線預計收入 20 億美元的目標邁進，公司實現了 1.914 億美元的收入2022 年，也是我們最新一版年度指導的最高端。重要的是，1.914 億美元的調整後 EBITDA 轉化為約 1.22 億美元的經濟效益，即我們的穩態無槓桿和槓桿自由現金流版本，2023 年平均投資資本約為 8 億美元。今年我們的經濟 EBITDA 收益率或投資資本回報率略高於 15%。

A key metric that measured our capital measures are 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.

衡量我們資本衡量標準的一個關鍵指標是資本部署決策，它直接影響管理層的薪酬，進而影響股權現金流，正如我們投資者平台幻燈片15 所示，在調整後的預估基礎上，該業務目前的收入約為9,200 萬美元。普通股的年度槓桿自由現金流。我們認為，該指標顯示了與驅動股東股權價值（扣除成長資本支出）相關的經濟獲利能力，目前更多關於該指標的內容。

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 was $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 3.7 times 2022, adjusted pro forma EBITDA down $0.02 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.

快速檢查截至年底的資產負債表，如幻燈片16 所示，我們在本季結束時擁有約2.19 億美元的現金，而從槓桿角度來看，我們的循環信貸額度的可用金額被抑制了3600 萬美元，如前所述我們能夠在本季度去槓桿化，因為總槓桿約為 2022 年的 3.7 倍，儘管進行了兩次收購，調整後的預計 EBITDA 仍比上季度下降了 0.02 美元。最後，在資產負債表上，我想指出我們的庫存和租賃機隊水平環比持平，第四季度結束時，我們的庫存為 4.95 億美元，租賃機隊（不含併購）為 5.90 億美元。

Both of these figures are effectively flat versus where we ended Q3 2023. As mentioned in previous calls, equipment supply chains begin 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 reap and lead to redeployment of below-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. What 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.

這兩個數字實際上與 2023 年第三季末的數據持平。如同先前的電話會議中所提到的，設備供應鏈將於 2022 年底開始正常化。與許多其他行業參與者一樣，Alta 在 23 年上半年看到了前所未有的庫存補充水平，這給營運資金帶來了壓力，並導致了低於計劃的生產線的重新部署。正如我在第二季度電話會議中提到的那樣，我們預計今年下半年的增資步伐將顯著放緩，而且我們已經看到，在我離開2023 年之前，我將讓與會者重點關註今天演示文稿的第23 張投影片。我們上季介紹的內容回顧了公司目前的狀況與四年前 2020 年 2 月 IPO 時的狀況。

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 four times 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.

我會讓重述說明一切，但確實想向投資者指出，公司目前每年產生 9,200 萬美元的股本自由現金流（扣除成長資本支出），截至年底每股約為 2.84 美元。相比之下，IPO 時的這項指標為每股 0.74 美元。總而言之，我們在四年內將該指標增長了四倍，並且一路上稀釋程度最小。然而，我們仍然認為我們的股價並未反映這一進展。我們認識到這種脫節。

To what we believe to be fair value for our equity. And as we head into 2020 for this disconnection may inform our capital allocation decisions decisions as we balanced potential stock buybacks for 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 guide range guidance range itself, we expect to report $207.5 million to $217.5 million of adjusted EBITDA for the full year 2024.

我們認為我們的股權的公允價值。當我們進入 2020 年時，這種脫節可能會影響我們的資本分配決策，因為我們會平衡潛在的股票回購與透過併購管道向我們提供的股票回購。最後，對於我準備好的發言的最後一個方面，我想討論 2024 年調整後 EBITDA 指導，該指導已包含在今天的收益發布中。就指引範圍本身而言，我們預計 2024 年全年調整後 EBITDA 為 2.075 億美元至 2.175 億美元。

A few observations on the guy, first and foremost, as Ryan mentioned in his remarks, we continue to feel positive about the overall demand drop 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 in product support is something we expect to rise to the challenge into rinse and repeat annually.

首先，正如瑞安在演講中提到的那樣，我們對這個人的一些觀察仍然是積極的，我們對客戶群的整體需求下降背景感到樂觀，並且我們相信行業數據支持了我們的觀點。其次，我們再次預計到 2024 年將推動產品支持收入的有機增長，其增長量將與我們在零件和服務方面的歷史業績相一致，而增加熟練的技術人員則逐年變得更加困難。產品支援是我們期望能夠應對每年沖洗和重複的挑戰的東西。

And the $205 million of incremental field population generated in 2023 supports our view since product support and two 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 or participants, we aren't expecting much more than inflationary increases in 2024. Most importantly, when it comes to our Brett 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 23.

2023 年產生的2.05 億美元增量現場人口支持了我們自產品支持以來的觀點，以及2024 年的兩次增長，在租金方面，我們的預期是至少將租金利用率數據相對於租金率保持在2023年的水平，與其他地區一樣對於行業參與者或參與者來說，我們預計 2024 年的通膨增幅不會太大。最重要的是，就我們的Brett 租賃業務而言，考慮到我們以租代售的商業模式，我們沒有計劃在2024 年以任何實質方式增加租賃車隊的規模，就像我們在23 年所做的那樣。

That said, investors to expect quarter-to-quarter ebbs and flows in the rental fleet size throughout the year, which is in line with our history, partially on the potential for equipment sales in 2020. For first, we sold $1.1 billion of equipment in 2023 as we along with equipment dealership industry overall saw record levels of sales this year. Make no mistake 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, maybe 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.

也就是說，投資者預計全年租賃機隊規模會出現季度間的波動，這與我們的歷史相符，部分取決於 2020 年設備銷售的潛力。首先，我們在 2023 年銷售了 11 億美元的設備，因為我們和設備經銷商產業今年的整體銷售額達到了創紀錄的水平。毫無疑問，今年我們行業的設備銷售比較將像原始設備製造商和行業分析師一樣具有挑戰性，可能會要求今年的設備銷售持平甚至下降，我們希望認為，鑑於我們在市場中的地位以及我們在某些地區佔據份額的機會，我們希望至少能夠維持今年的設備銷售水準（如果不超過2023 年的設備銷售水準），以結束對2024 年預期的評論。

I wanted to give some insights insights into Q1 given where we are in the calendar first Q one, given seasonality has long been our most difficult quarter of the year. And given our experience, Q1 performance hasn't necessarily performed performance over the remainder of the year. With that as a backdrop, a couple of things to know, first investors as to what to expect for this quarter. First as it relates to e-commerce, which had a record debut under Delta's ownership in 2023, and they had a record quarter in Q1 of 2023. Recall that e-commerce is a master distributor selling equipment to sub dealers.

考慮到我們在日曆第一季的位置，考慮到季節性長期以來一直是我們一年中最困難的季度，我想對第一季提供一些見解。根據我們的經驗，第一季的表現不一定能代表今年剩餘時間的表現。在此背景下，有幾件事需要了解，投資者首先要了解本季的預期。首先是電子商務，達美航空於 2023 年在電子商務領域首次亮相，並在 2023 年第一季創下了創紀錄的季度業績。回想一下，電子商務是主經銷商向子經銷商銷售設備。

And in early 2023, as supply chains were normalizing equal versus sub dealers were restocking, which led to its record first quarter currently at this point in the quarter. And given that some dealers inventories are back to normal levels, we don't expect e-commerce to repeat what they did in Q1 of 2023. That said, the expectation for the full year 2024 is that e-commerce will come close to matching 2020 three'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.

2023 年初，隨著供應鏈正常化，次級經銷商也在補貨，這導致了本季目前第一季創紀錄的業績。並且鑑於部分經銷商庫存已恢復至正常水平，我們預計電商不會重蹈 2023 年第一季的覆轍。也就是說，預計 2024 年全年電子商務的表現將接近 2020 年的水準。其次，如前所述，我們的設備銷售線在第四季度取得了史無前例的成績，超出了內部預期，因為客戶利用了年終稅收折舊規則剩餘預算，並且在施工季節之後通常更容易為我們的銷售團隊提供評估和評估的機會。在新年前補充他們的船隊。

In summary, the record activity in Q4 and 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 24 24 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 SFL mentioned factors, including the increased field population that was generated this past year, and we are committed to the execution to execution and having 2024 be another year of growth for Alta equipment group.

總而言之，第四季度創紀錄的活動和設備銷售導致 12 月設備銷售提前，並影響 1 月。也就是說，我們相信1 月份的宿醉是孤立的，因為我們在2 月份看到了反彈，並且正在經歷穩健的3 月份，因為我們的零件服務和租賃業務都非常繁忙，並且有望明確，24 24 的更大需求框架我們今天在這裡提到的一切都已穩固到位。總而言之，我們對年度指南和長期前景充滿信心，特別是考慮到 SFL 提到的所有因素，包括去年現場人員的增加，我們致力於執行到執行並擁有2024 年將是Alta 設備集團又一個增長的一年。

In closing, I again want to thank all of my teammates at also for your commitment to our business and to each other throughout 2023, you embodied our guiding principles in 2023, and our renewal 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.

最後，我要再次感謝我的所有隊友，感謝你們在2023 年對我們的業務以及彼此之間的承諾，你們體現了我們在2023 年的指導原則，我們的續約結果向我們的投資者反映了這一點。我們感謝您在 2023 年的支持與信心，我們期待在 2024 年推動股東價值。感謝您抽出寶貴的時間，我會將其轉回給接線生進行問答。

(Operator Instructions) Matt Summerville, D.A. Davidson.

（操作員說明）Matt Summerville，D.A.戴維森。

Thanks. A couple of questions. I want to be clear, totally smooth sort of talk through your capital deployment priorities for 24 in the context of not only the stock price, of course, is you referenced, but what specifically you guys are seeing in the M&A market from a multiple standpoint, if you still feel you can do leverage neutral acquisitions or leverage accretive like you did in Q4? And then how you're thinking about maybe just using this year's cash to reduce leverage, sort of knowing that the market's appetite for leverage is not maybe what it was a couple of years ago and then I follow. Thank you.

謝謝。有幾個問題。我想以清晰、完全順利的方式討論你們 24 小時的資本部署優先事項，當然，你們所提到的不僅是股價，還有你們從多個角度在併購市場中具體看到的情況，如果你們仍然認為可以像第四季一樣進行槓桿中性收購或槓桿增值？然後你會如何考慮也許只是使用今年的現金來降低槓桿率，知道市場對槓桿率的興趣可能不像幾年前那樣，然後我就跟進了。謝謝。

Sure, Matt, thank you. On the first well, the first piece here on capital allocation and in multiples, I think it would be to say that we'd be able to do deals, you know, sub three, three, seven like we did in the in the in Q4 there, and that was really the Burress acquisition. We were able to get some equity into that deal, which was great to partner up with that entrepreneur that wants to join joining forces with Alta. It's always leverage accretive to be sure and also accretive to shareholders. But I don't think we'll see deals, you know, in the three X range. It wouldn't be appropriate for us to say that that would that would be something that would continue?

當然，馬特，謝謝你。在第一口井上，這是關於資本配置和倍數的第一部分，我認為這意味著我們能夠進行交易，你知道，子三，三，七，就像我們在第四季度，這就是Burress 的收購。我們能夠從這筆交易中獲得一些股權，與那位想要與 Alta 聯手的企業家合作真是太好了。可以肯定的是，槓桿總是會增值，也會為股東帶來增值。但我認為我們不會看到 3 X 範圍內的交易。我們說這種情況會持續下去是不合適的嗎？

Bob, what I will say is we still believe that there's deals out there that look very familiar that look very similar to how we've executed executed in the past, the $537 million of revenue, $65 million of EBITDA that we bought at four to five times, we still think is in front of us and we and you know, the pipeline itself, it continues to be to be active. Now some of the growth, as we've talked about before and inside of each of our our major dealer networks. He's sort of tempered the bigger you get, but that's why relationships with case, as Ryan mentioned, in some of these other OEMs that we're partnering with all of this partner with a company called McCloskey, which we hope to do more with on and on and on.

鮑勃，我要說的是，我們仍然相信有些交易看起來非常熟悉，看起來與我們過去執行的方式非常相似，我們以 4 點的價格購買了 5.37 億美元的收入，6500 萬美元的 EBITDA。五次，我們仍然認為就在我們面前，我們而且你知道，管道本身，它仍然是活躍的。現在是一些成長，正如我們之前和我們每個主要經銷商網路內部所討論的那樣。你越大，他就越脾氣暴躁，但這就是為什麼與案例的關係，正如Ryan 提到的，在其他一些OEM 中，我們正在與一家名為McCloskey 的公司合作，我們希望與這家公司做更多的事情等等。

So we still think that the pipeline could be accretive relative to where we're trading at. But to the extent it's not or to the extent that the stock is depressed relative to what we think is fair value, we wouldn't hesitate to and dip into the buyback program. That's that's that's here.

因此，我們仍然認為，相對於我們目前的交易水平，管道可能會增值。但如果情況並非如此，或股票相對於我們認為的公允價值下跌，我們會毫不猶豫地參與回購計畫。就是那個就是這裡。

And in place in terms of funding of M&A deals and taking on more debt, you could see that we delevered in the quarter and after what I've been referring to is the great replenishment, right, which was an increase of organically 80 some odd million in rental fleet and $23 million give or take of inventory of that, that certainly we don't expect this year. So we do expect to maybe have some excess cash flows that we can continue to delever with again over the entirety of the year, maybe not necessarily quarter to quarter, especially in Q1.

在併購交易的融資和承擔更多債務方面，你可以看到我們在本季度去槓桿化，之後我一直指的是大規模的補充，對吧，有機增長了 80 左右100 萬美元的租賃車隊和2300 萬美元的庫存交換，這是我們今年肯定不會想到的。因此，我們確實預期可能會有一些過剩的現金流，我們可以在全年中繼續去槓桿化，也許不一定是逐季度，特別是在第一季度。

And so we still think that we would be able to fund M&A deals up to the you know to the tune of $10 million or $15 million of EBITDA with debt. Anything beyond that in terms of size and scope, where would be something sizable and we would be mindful of leverage wherever we're at in the calendar before we funded a larger deal with all debt. We want to be mindful of leverage long answer, Matt, I apologize for that. But hopefully it's helpful.

因此，我們仍然認為，我們能夠為併購交易提供最多 1000 萬美元或 1500 萬美元的債務 EBITDA 資金。就規模和範圍而言，任何超出這個範圍的事情都將是相當大的事情，在我們為一項涉及所有債務的更大交易提供資金之前，我們會在日曆中的任何位置都注意槓桿。我們要注意槓桿作用的長答案，馬特，我對此表示歉意。但希望它有幫助。

Now those comprehensive and I appreciate that. Maybe, Ryan, if you just take a minute and get a little bit more granularity around, you mentioned material handling the being more diverse business segments. Just maybe kind of a walk around what you're seeing in terms of the key end markets and maybe highlight what sounds like is a more concerted go forward effort being put into, in particular the warehouse market in behind on that?

現在這些內容很全面，我很欣賞。瑞安，如果您花一點時間了解更多細節，您可能會提到物料搬運是更多樣化的業務領域。也許只是圍繞您在關鍵終端市場方面看到的情況進行了一些介紹，也許會強調聽起來像是正在投入更加協調一致的前進努力，特別是落後的倉儲市場？

I'm not sure you are new to. Sorry, I was on mute. I was very excited about that. Guys that Yes, I'll start with the first piece of that, which is the question about the diversity of the end markets. So we do believe that with our product portfolio, our end market exposure is, is it as diverse as it could be at stage. It's everything from the supply chain and raw materials that go into manufacturing two in our upper Midwest footprint, a line of manufacturing and advanced manufacturing all the way through to obviously distribution and logistics.

我不確定你是新手。抱歉，我當時處於靜音狀態。我對此感到非常興奮。夥計們，是的，我將從第一部分開始，這是關於終端市場多樣性的問題。因此，我們確實相信，透過我們的產品組合，我們的終端市場暴露程度是否盡可能多樣化。從供應鏈和原材料進入我們中西部北部地區的製造兩個領域，從製造和先進製造生產線一直到明顯的分銷和物流，一切都包羅萬象。

And the focus on the warehousing market is something that we are doing right alongside Hyster-Yale. They've been putting a lot of effort into product development for that end market and fast-growing and market. And it's it's an opportunity for us to get closer to our customer to be to help them take costs out of their business through better labor utilization. And the price points of those trucks tends to be lower there. It's a bit more more of a high volume, lower price point per unit, but it still has the high touch aspect of reoccurring revenue through planned maintenance and contract maintenance.

我們正在與海斯特耶魯一起關注倉儲市場。他們一直在針對終端市場和快速成長的市場的產品開發上投入了大量的精力。這對我們來說是一個拉近與客戶關係的機會，可以幫助他們透過更好地利用勞動力來降低業務成本。這些卡車的價格往往較低。它的銷量更大，單位價格更低，但它仍然具有透過計劃維護和合約維護產生重複收入的高接觸性。

And then, Matt, there was a second part of your question, so I'll say yes, yes, yes, sites, right.

然後，馬特，你問題的第二部分，所以我會說是的，是的，是的，網站，對吧。

I was more looking for just some, I guess, some color on some of the end market trends. You're seeing across whether it be automotive, food, beverage, medical, et cetera, the places we play in in Material Handling. Thank you.

我想，我只是在尋找一些終端市場趨勢的色彩。您會看到無論是汽車、食品、飲料、醫療等等，還是我們在物料搬運領域所涉足的領域。謝謝。

It. Just in terms of demand, I would say that the demand is healthy. And I referenced in our in the call that it's kind of leveling off at what pre-COVID would have been record levels, but it is coming off of the peaking of COVID last year, we were coming off record back record bookings in the previous year. So that ended up being record deliveries for us, which is the, you know, reflected in the revenue going forward, we see a blip up plateauing of that phenomenon, which is why we're focused on. It's really market penetration and driving share in the faster-growing end of the market, which we think is the warehouse market.

它。就需求而言，我想說需求是健康的。我在電話中提到，現在已經趨於平穩，達到了新冠疫情之前的創紀錄水平，但它已經從去年新冠疫情的頂峰中恢復過來，我們已經擺脫了前一年創紀錄的預訂記錄。因此，這最終成為我們創紀錄的交付量，這反映在未來的收入中，我們看到這種現像出現了平穩期，這就是我們關注的原因。這實際上是市場滲透和在成長較快的市場（我們認為是倉庫市場）中推動份額的成長。

Got it. Thank you.

知道了。謝謝。

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

Hey, good evening. Maybe to continue the line of thought on in markets, some of the large rental companies have talked about local projects growing, but at a more modest pace while mega-projects are ramping up. You've talked about some of the some of the highway work state DOT funding that being strong, but curious how you think about the local more normal size projects versus the large megaprojects impacting your results this year?

嘿，晚上好。也許為了延續市場的思路，一些大型租賃公司已經談到了本地專案的成長，但在大型專案不斷增加的同時，其成長速度卻較為溫和。您談到了一些公路工程國家交通部的資金雄厚，但很好奇您如何看待當地更正常規模的項目與影響您今年業績的大型項目？

Stephen, I'll take that. We've historically tried. It's been it's really difficult for us to delineate by market what's kind of federally stimulated versus local demand. But I think what we're seeing and it is there is a little bit of a pullback, but a bit of a lengthening of the sales cycle through kind of your general contractor with core product that is it not true on the big visible highway type jobs?

史蒂芬，我會接受的。我們歷史上曾經嘗試過。我們真的很難透過市場來區分聯邦政府的刺激與當地的需求。但我認為我們所看到的情況是，有一點回調，但透過核心產品的總承包商，銷售週期有所延長，這在大型可見高速公路類型上不是這樣的嗎？工作？

I think you're we're seeing one of the things that's true is that labor utilization is the key to construction right now. You can't stimulate something when everyone's already got a job. You can't sell a excavator whenever known as an operator to put in the seat. And so any softening that we're seeing kind of the nonres just general construction. I think that you're seeing that there is like this kind of pent-up demand for big projects that have been stalled by all the local demand. And that's the way that I would think we always talk about it as innings to the cycle that we haven't really been in a trough. We've been more in this just to keep adding endings to the game. And I think that phenomenon is playing out with some other pivot to larger larger type jobs right now.

我認為我們看到的事實之一是，勞動力利用是目前建築業的關鍵。當每個人都已經找到工作時，你就無法刺激某些事情。當您被稱為操作員時，您不能出售挖掘機。因此，我們看到的任何軟化都只是一般結構。我認為你看到了對大型專案的這種被壓抑的需求，這些需求因所有當地需求而陷入停滯。我認為這就是我們總是將其視為我們還沒有真正處於低谷的周期的幾局來談論它的方式。我們在這方面投入更多只是為了不斷為遊戲添加結局。我認為這種現象正在隨著其他一些轉向更大類型工作的轉向而上演。

Okay. That's helpful. And I'm curious on the complementary service lines, curious how those performed in the fourth quarter and what is the outlook for that unit in 2024.

好的。這很有幫助。我對補充服務線很好奇，好奇這些服務線在第四季的表現如何，以及該部門 2024 年的前景如何。

Steve, just so I have it where you are when you say ancillary service lines, I just want to make sure we answer your question appropriately define that for us. Sorry, more of the complementary products. Scott had peak peak logic there and were those companies how those are expected to perform in 2024 Yes. I mean peak peak logics, we've said that they and I think the whole industry, right, it was white hot. When we bought that business, it was that combined business, which is now peak logic, Scatec and peak are now kind of combined one and the same, but the call it revenues of roughly $30 billion, $35 billion combined back in 2020 that that doubled more than doubled in 21 and 22 and 23, we saw a bit of a pullback. And these are these are larger projects that are probably a little bit more interest rate sensitive because there's a larger CapEx projects for our customers.

史蒂夫，當你說輔助服務熱線時，我就明白了，我只是想確保我們回答你的問題，為我們正確定義這一點。抱歉，更多的是互補產品。斯科特在那裡有高峰邏輯，這些公司預計在 2024 年的表現如何？是的。我的意思是峰峰邏輯，我們已經說過他們和我認為整個產業，對吧，這是白熱化的。當我們收購該業務時，它是合併後的業務，現在是Peak 邏輯，Scatec 和Peak 現在是同一家公司的合併，但我們稱其收入約為300 億美元，2020 年合併為350 億美元，翻了一番21 年、22 年和 23 年增長了一倍多，我們看到了一些回落。這些是較大的項目，可能對利率更加敏感，因為我們的客戶有更大的資本支出項目。

And so if there is a part of our business where we do think that there was an impact of interest rates. It was in that peak logics business. What I will say is peak logics was part of the strategy and rationale for that deal was to take us from the JV to the see relative to just intellectual capabilities, design build and getting us into some customers that we otherwise would not have. And we've been able to do that. And so judging judging peak, just kind of on its own without including kind of some of the synergies generated with our legacy Material Handling business probably isn't fair. So we're still very bullish despite 23 kind of being a down year and for peak. And we've got backlog, it's taking customers a little bit longer to pull the trigger. We think that's interest rate related, but that's how that's going.

因此，如果我們確實認為我們業務的一部分受到了利率的影響。這是邏輯業務的巔峰。我要說的是，峰值邏輯是策略的一部分，該交易的基本原理是讓我們從合資企業走向與知識能力、設計構建相關的領域，並讓我們接觸到一些我們原本不會擁有的客戶。我們已經能夠做到這一點。因此，僅憑其自身來判斷峰值，而不包括與我們傳統的物料搬運業務產生的一些協同效應可能是不公平的。因此，儘管 23 年是下滑的一年，但我們仍然非常看好。而且我們的訂單積壓了，客戶需要更長的時間才能扣下板機。我們認為這與利率有關，但事實就是如此。

I will say Midwest mind just to kind of round it out, I put that into a similar a similar kind of ancillary projects there in the aggregate space. That's probably immaterial to our overall kind of revenue line, but it's performing very well. And we've definitely generated some synergies with customers or been able to get get customers to to recognize our capabilities in the the larger quantities, et cetera. So yes, that all of still running fine.

我會說中西部的想法只是為了完善它，我將其放入聚合空間中類似的輔助項目中。這可能對我們的整體收入線並不重要，但它的表現非常好。我們確實與客戶產生了一些協同效應，或能夠讓客戶認識到我們在大量生產方面的能力，等等​​。所以是的，一切仍然運作良好。

That's excellent. And then last one for me your G&A as a percentage of gross profit, it continues to trend down on a total basis and in both material handling and construction equipment units. Is this expected to continue again next year, this cost discipline of G. and A. versus GT.?

那太好了。最後一個對我來說，你的一般行政費用佔毛利的百分比，在材料處理和建築設備單位的總體基礎上繼續呈下降趨勢。這種 G. 和 A. 與 GT. 的成本紀律預計明年還會繼續嗎？

Yes. Stephen, thanks for the question. I've got some numbers in front of me, and I'm going to read them out here we G. and AXX. M&A and ex depreciation and amortization, Q2 one oh five q. q. three one oh seven and then Q4 here. But $111 million, again, ex ex M&A, that increase in Q4, it's almost going to be exclusively related to the increase that we saw in equipment sales because we have commissions primarily and bonuses on those sales that impacted that, that line item. So I wouldn't expect Q4 to be indicative of the go forward. Certainly, we've added some G&A because of the acquisitions.

是的。史蒂芬，謝謝你的提問。我面前有一些數字，我將在這裡讀出它們，我們 G. 和 AXX。併購及除舊折舊攤銷，Q2 一五q。 q.三一七，然後 Q4。但是，同樣，除併購外，第四季度的成長幾乎完全與我們在設備銷售中看到的成長有關，因為我們主要對那些影響該訂單項目的銷售收取佣金和獎金。因此，我不認為第四季會預示著未來的發展。當然，由於收購，我們增加了一些一般管理費用。

And the way that I think about G&A is a little bit more as a percentage of revenue or EBITDA or I'm sorry, gross profit ex depreciation. Then I would just gross profit overall just because of the rental business with so much depreciation in the gross profit line. So I think Q4 is a little bit of an anomaly there at the one 11. We'd expect that to come down and kind of evened out a little bit.

我對一般行政費用的看法更多是佔收入或 EBITDA 的百分比，或者抱歉，毛利潤除折舊。然後我只考慮整體毛利，因為租賃業務的毛利線折舊幅度很大。所以我認為第四季在 11 點上有點反常。我們預計這一數字會下降並趨於平衡。

Excellent. Thank you for the color.

出色的。謝謝你的顏色。

Steve Hansen, Raymond James.

史蒂夫漢森，雷蒙德詹姆斯。

Yes. Thanks for the time and want to go back to your guidance. I wasn't sure if it was aspirational or not, but I think you suggested you wanted to hold line on equipment sales for the year, but maybe just a bit of additional color on there. You the comps are difficult I think, as you suggest, but I know what does the guide assuming effectively on the new equipment side?

是的。感謝您的寶貴時間，並希望再次得到您的指導。我不確定這是否是有抱負的，但我認為你建議你想在今年的設備銷售上保持不變，但也許只是有一點額外的色彩。正如您所建議的，我認為您的比較很困難，但我知道指南在新設備方面有效地假設了什麼？

Yes. Hey, Steve. It's new equipment. As we've said, since we started doing these calls for years ago is always as part of the reason we do an annual guide number one and the other part of the reason we don't guide to revenue because as we saw in the fourth quarter, things can really kind of ebb and flow. And sometimes these these ebbs and flows are difficult to just project quarter over quarter and the other thing when we when we sit down and we budget, we have great confidence in our in our parts and service lines or relative competence.

是的。嘿，史蒂夫。是新裝備啊正如我們所說，自從我們幾年前開始進行這些電話諮詢以來，這始終是我們制定年度指南的一部分原因，也是我們不指導收入的另一部分原因，因為正如我們在第四季度中看到的那樣第四季度，事情確實可能會潮起潮落。有時，這些潮起潮落很難僅按季度進行預測，而另一方面，當我們坐下來進行預算時，我們對我們的零件和服務線或相對能力充滿信心。

I should say versus the equipment line item, which can be more impact impacted by macro trends, interest rates, sentiments, it's cetera, et cetera, all the things, all the signs point toward a strong 2024 as Ryan mentioned in his remarks, DOT budgets looking strong, talking to our customers. We are working on these projects kind of ready to go ready to let it let it fly here.

我應該說與設備項目相比，它可能更多地受到宏觀趨勢、利率、情緒等的影響，等等，所有的事情，所有的跡像都表明2024 年將會強勁，正如Ryan 在他的講話中提到的那樣，DOT與我們的客戶交談後，預算看起來很強勁。我們正在進行這些項目，準備讓它在這裡飛翔。

As the spring hits us. And so we feel we feel pretty good the reason that we feel like we can hold that line rather to maybe being down. And I'll caveat all of this and saying being down a little bit off of peak, wouldn't be that wouldn't be the worst thing ever, especially given the G piece and how impactful they are the EBITDA relative to rental revenue or parts and service. But that said, we do have some areas of our business where we expect to take share.

當春天向我們襲來。所以我們感覺我們感覺很好，因為我們覺得我們可以堅守這條底線，而不是沮喪。我要警告所有這些，並說比峰值稍微下降一點，這並不是有史以來最糟糕的事情，特別是考慮到 G 部分以及它們相對於租金收入或 EBITDA 的影響有多大。零件和服務。但話雖如此，我們確實希望在某些業務領域中獲得份額。

And that's, I guess what I would highlight to answer your question specifically. So we've got places that we've just entered to entered into in the past 18 months like Toronto and the material handling space where we expect to take share and there's some other pockets in upstate New York on the construction side and the list goes on. So it would be it would be us taking share that it could help help maybe offset what might be flat to down market.

這就是我想我要強調的內容來具體回答你的問題。因此，我們在過去 18 個月裡剛剛進入了一些地方，例如多倫多和材料處理領域，我們希望在這些領域獲得份額，紐約州北部的建築方面還有其他一些領域，名單如下。因此，我們分享的份額可能有助於抵消市場持平或下跌的影響。

That's helpful. Thank you. And just as a follow-up to your capital allocation decision for the year, I mean, how do you view that framework between buyback and growth and or even deleveraging for that point? I mean, how are you viewing that window right now? I mean, the stock is completely disconnected. I think, as you suggest, might makes sense to maybe focus on the buyback and some deleveraging as opposed to more growth and how you're really thinking about that for the year relative to the M&A pipeline?

這很有幫助。謝謝。作為今年資本配置決策的後續行動，我的意思是，您如何看待回購與成長甚至去槓桿化之間的框架？我的意思是，您現在如何查看該視窗？我的意思是，股票完全脫節了。我認為，正如您所建議的那樣，專注於回購和一些去槓桿化而不是更多的增長可能是有意義的，您如何看待今年相對於併購管道的情況？

Yes, Steve, you know, it's it's some we've got a slide in the deck that suggests we're trading at, you know, that also would be trading at something like 5.8. I think the numbers in the deck forward EBITDA shows that that multiple, despite it being something, maybe that we feel is not appropriate is still a bit higher than where we've transacted at in the past and in the M&A pipeline, right, four to five. So we still think even if we're trading at six is a there's a turn or two of the spread there relative to the M&A pipeline and that's before you get into any sort of synergies or discussions about what we can do with the business versus where where it might be today. So you know, and some of it is time, right? What does the pipeline look like in the U.S. over the near term and and what where are we at in the calendar, right? We've talked about Q1 being a little bit rougher. And so we just kind of monitor the situation and kind of, you know, on a on a real-time basis, ROEs kind of thinking about that, that decisioning.

是的，史蒂夫，你知道，我們有一張幻燈片表明我們的交易價格，你知道，也可能是在 5.8 之類的價格進行交易。我認為遠期 EBITDA 中的數字表明，儘管我們認為不合適，但該倍數仍然比我們過去和併購管道中的交易額高一點，對吧，四到五。因此，我們仍然認為，即使我們的交易價格是六點，相對於併購管道，那裡的價差也會有一兩圈，這是在你進入任何形式的協同效應或討論我們可以對業務做什麼與在哪裡做之前。今天可能在哪裡。所以你知道，有些是時間，對嗎？近期美國的管道情況如何？我們目前處於什麼階段，對吧？我們已經討論過第一季的情況有點粗糙。因此，我們只是監控情況，在即時的基礎上，交戰規則會考慮這一點、做出決定。

The other element that you mentioned was leverage, and we also want to be mindful of that. And so especially where interest rates are, we may have had felt differently two years ago about that our tenant of the framework of this decision because interest rates were much lower. So I'm not trying to evade your answer, but there's all of the different dynamics that come into that scenario. But we still think that M&A would we could do M&A in an accretive fashion, interest rates being higher would suggest we want to delever, but if those two things aren't there that we wouldn't hesitate to Bye-bye.

您提到的另一個因素是槓桿，我們也希望注意到這一點。因此，特別是在利率方面，兩年前我們可能對這個決定框架的租戶有不同的感受，因為利率要低得多。所以我並不是想迴避你的答案，但這種情況下會出現各種不同的動態。但我們仍然認為併購我們可以以增值的方式進行併購，利率更高意味著我們想要去槓桿化，但如果這兩件事不存在，我們會毫不猶豫地再見。

No, I appreciate. That's good color. Thanks for the time.

不，我很欣賞。這顏色真好啊謝謝你的時間。

Min Cho, B. Riley.

敏喬，B.萊利。

Your line is now open by saying here. Hey, Ryan, Tony, congrats on a strong end to a strong year. And couple of questions you may have in terms of 4Q rental rates, can you talk to kind of what the trends were on a year-over-year basis and down link on for 2020 for Tony, I think that you said that you expect it to be pretty flat, exclude excluding any inflationary impacts, but if you could just confirm that.

您的熱線現已開通，只需說出此處即可。嘿，瑞安，托尼，恭喜您在強勁的一年中取得了良好的收官。關於第四季度租金率，您可能有幾個問題，您能否談談托尼 2020 年的同比趨勢和下行趨勢，我認為您說過您對此有預期為了保持平穩，排除任何通脹影響，但如果你能確認這一點的話。

Yes. Yes.I think I think I can just to take your question in reverse. I think we can confirm that. But we would expect inflationary maybe a little bit more there. You know, so much. I want to just point out too, though, so much of our rental business is a function of our service promise. And when we're renting large, you know, 40 ton articulated dump trucks effectively, customers are renting our technicians in a lot of ways. And so while if there's an asset to be rented that has no cost of capital and return on capital that that need to develop a rental rate.

是的。是的，我想我可以反過來回答你的問題。我想我們可以確認這一點。但我們預期那裡的通膨率可能會更高一些。你知道，就這麼多。不過，我也想指出，我們的租賃業務大多是我們服務承諾的一部分。當我們有效地租賃大型 40 噸鉸接式自卸卡車時，客戶會以多種方式租賃我們的技術人員。因此，如果要出租的資產沒有資本成本和資本回報，則需要製定租金率。

We also have this other component of labor that we need to be compensated for.

我們還需要獲得其他勞動力的補償。

And so I say that because sometimes we feel we feel like we may be able to give a premium relative to, you know, some of the things that you might see in the industry?

所以我這麼說是因為有時我們覺得我們可能能夠相對於您可能在行業中看到的一些東西提供溢價？

Well, relative to maybe you are I talking to rental rates or some of the other publicly-traded pure-play rental analysis. So maybe we can do a little bit better, but I don't think we're expecting to I guess that is the point there. When we talk about the guide of the first part of your question, on rates and how they played out in 23. I would say mid-single digits is probably where we landed there. I saw something the other day that said, the last three years. So around 20%, give or take of total increase in rental rates. I would put us in that category over the over the last three years with this year being mid mid single digits, maybe or maybe a tick north of there.

好吧，相對於您可能正在談論的租金率或其他一些公開交易的純租賃分析。所以也許我們可以做得更好一點，但我不認為我們期望這樣做，我想這就是重點。當我們談論你的問題第一部分的指導時，關於費率以及它們在 23 中的表現。我想說的是，我們可能會達到中個位數。前幾天我看到一個東西，說的是過去三年。因此，租金總漲幅約為 20%。在過去的三年裡，我會把我們歸類在這個類別，而今年是中個位數，也許是在這個類別的北方。

Okay. In terms of the material handling side of the business, I know Ryan mentioned kind of a focus on the warehousing, which does tend to be a little bit lower margin. But I would imagine that you're seeing an increased shift into like electrical or electric lifts. I was just wondering how does that impact your margins or is that more or less positive for your parts and service opportunities? Longer-term?

好的。就業務的物料搬運方面而言，我知道瑞安提到了對倉儲的關注，這確實往往會導致利潤率降低一些。但我想你會看到越來越多的人轉向電動或電動電梯。我只是想知道這對您的利潤有何影響，或者這對您的零件和服務機會或多或少有正面影響？更長期？

I can I can I can take that one as well done we actually have some some data in our 10 K were referenced in our 10 K. I mean that the International Truck Association put out some some data the other day that suggests 67%, two-thirds, let's call it of all forklifts sold in the US are electrified. You can probably flip that deal versus versus gas or diesel threshold of propane or diesel, you could flip that on its head up in 20 years ago, something like that. And so as the trend continues, it's leveled off a little bit, but the electrification of forklift has kind of already come to the market.

我可以我可以我可以接受這個，做得很好，我們實際上在我們的 10K 中引用了一些數據。我的意思是國際卡車協會前幾天發布了一些數據，表明 67％，兩個- 在美國銷售的所有堆高機中，有三分之一是電氣化的。你也許可以將這筆交易與丙烷或柴油的天然氣或柴油門檻進行比較，你可以在 20 年前將其顛倒過來，類似這樣的事情。因此，隨著趨勢的繼續，它會趨於平穩，但堆高機的電氣化已經進入市場。

So any any impact on our business would be minimal. What we know just because of cost, the cost accounting exercises internally is that we think an electric truck basically yields 65% to 70% of what of what a gas truck would relative to parts and service. But that's been the case for our business for quite some time. So the further electrification, we like to think that we could any offset in product support or any impact in product support of any further end of electrification in the material handling business would be more than offset by our progress in charging and alternative energy and some of these things that are a little bit more cutting edge lithium problems in lithium batteries, et cetera.

因此，對我們業務的任何影響都是最小的。我們僅根據成本和內部成本核算就知道，我們認為電動卡車的零件和服務產量基本上是燃氣卡車的 65% 到 70%。但我們的業務這種情況已經持續相當長一段時間了。因此，進一步的電氣化，我們認為，我們可以抵消產品支援的任何影響，或者物料搬運業務中電氣化進一步結束對產品支援的任何影響，將被我們在充電和替代能源以及一些領域的進展所抵消。這些都是鋰電池等領域更前衛的鋰問題。

Okay. Man, this is Ryan. Another thing I wanted to just make sure we correct is that the and the warehouse product, the margins are actually higher and selling the new vehicle versus Rieter forklifts. Time impairment might have been a misunderstanding there, less product support yield on the electric, but certainly more margin on the front end out.

好的。夥計，這是瑞安。我想確保我們糾正的另一件事是，與立達堆高機相比，銷售新車和倉庫產品的利潤實際上更高。時間損失可能是個誤解，電動車的產品支持產量減少，但前端的利潤肯定更高。

Okay. And I missed it. I missed thinking there on and then I guess just an update on Nikola saw that the outcome that they produced and sold some of their hydrogen fuel trucks and reflect some of their BEV trucks now should be kind of back in the market second half, probably not a big impact for you in 2024. I was wondering if you could talk to and how you're doing with Appalachia.

好的。我錯過了。我錯過了思考，然後我想只是尼古拉的更新看到他們生產和銷售一些氫燃料卡車的結果並反映了他們的一些純電動卡車現在應該會在下半年回到市場，可能不會2024年對你影響很大。我想知道您是否可以談談您在阿巴拉契亞地區的情況。

Yes, I can take that. This is Ryan. So we've been along with our customers patiently waiting for the the recall to be executed upon as you read. That's going to start in earnest in Q2. And what we're really excited about, it continues to be the we think in our marketplace where our footprint is in the north, that the proposition for long-haul transportation on battery electric, that it's a very narrows trade zone of application relative to the opportunity for longer haul and for heavier duty, which is going to point towards a hydrogen solution.

是的，我可以接受。這是瑞安。因此，正如您所閱讀的那樣，我們一直與客戶一起耐心等待召回的執行。這將從第二季正式開始。我們真正感到興奮的是，我們仍然認為，在我們的市場中，我們的足跡位於北方，電池電動長途運輸的主張，相對於它的應用貿易區域非常狹窄更長距離和更重載的機會，這將指向氫解決方案。

And we've with the they've sold their first fleet of trucks right now, they're focused on California, where there's a little bit of infrastructure, but we remain very excited about our strategic footprint. We think that outside of the West Coast where we reside is going to be where there's early adoption of these types of vehicles, and we think we're well positioned to be part of it. But to answer the first part of your question, probably not a huge material impact this year. It's going to really start in the second half on this recall on the electric side, it feels like it cost us almost a calendar year you know, momentum.

我們已經與他們合作，他們現在已經出售了他們的第一批卡車車隊，他們的重點是加州，那裡有一些基礎設施，但我們仍然對我們的策略足跡感到非常興奮。我們認為，在我們居住的西海岸以外的地方，這些類型的車輛將被早期採用，我們認為我們處於有利地位，可以成為其中的一部分。但回答你問題的第一部分，今年可能不會產生巨大的實質影響。這次電動方面的召回將在下半年真正開始，感覺這讓我們損失了幾乎一年的時間，你知道，動力。

But it but it is it's not dead. There's still a building pipeline of demand, and we're hopeful as to how they can execute on this next piece of the strategy, which is to get those trucks back in the field?

但它卻沒有死。需求仍在增加，我們對他們如何執行下一個策略充滿希望，讓這些卡車重返現場？

Yes. All right. Great. Thank you.

是的。好的。偉大的。謝謝。

Ted Jackson, Northland Securities.

特德傑克遜，北國證券。

Thanks. And I'd like to echo congratulations on the quarter and the year. Thanks, Tom. So my first question is rolling over. So rolling rolling over to, you know, kind of M&A pipeline. Just kind of curious when you're looking through the opportunities that are in front of you, are you seeing more opportunity on the construction side or on the material handling side? And then within those opportunities, I'm more kind of tuck-in and it's filling in you. Would your geographic footprint or is it pushing you into new geographies?

謝謝。我想對本季和本年度表示祝賀。謝謝，湯姆。所以我的第一個問題是滾動。所以滾動滾動到，你知道，某種併購管道。只是有點好奇，當您查看面前的機會時，您是否在施工方面或在材料處理方面看到了更多機會？然後在這些機會中，我會更加吃得飽飽的，這會讓你感到充實。您的地理足跡是否會影響您，或者會將您推向新的地區？

It's question number one, two parts. Yes, I'll take the first part of that because it's pretty easy to delineate a material handling versus construction in terms of the growth strategy with Hyster-Yale, the lines of art, our exclusivity or much firmer, and we can't compete with any other dealer network globally. Outside of we have our APR that's exclusive with them. And that's our that's our APR for material handling for forklifts. Kind of that piece of the business, our growth with a 3PL there is potential growth with them.

這是第一個問題，分為兩個部分。是的，我會講第一部分，因為從海斯特-耶魯的成長策略、藝術線條、我們的排他性或更牢固的角度來劃分材料處理與建築是很容易的，而且我們無法競爭與全球任何其他經銷商網路合作。除此之外，我們還有他們獨有的年利率。這就是我們堆高機物料搬運的年利率。我們與 3PL 的業務成長就是這樣，他們也有潛在的成長。

We're the second largest dealer in the world for Hyster-Yale today, we cover north of 20% of the addressable market for US and Canada, and they've they've been very open about trying to get their dealer network down to a manageable size. And there's still that there's a little room to go to go there. And there's also the opportunity to grow internationally, which we started with the investment in Canada with YIT. And on the construction side, it's a much broader category is different. What we define as construction equipment. It's everything from the small turf and agricultural type things that we sell in northern Michigan through our automotive dealership and areas of Chicago, all the way up to the link belt cranes that we represent in Michigan.

今天，我們是海斯特-耶魯全球第二大經銷商，我們涵蓋了美國和加拿大 20% 的潛在市場，他們一直非常開放地嘗試將他們的經銷商網路縮小到易於管理的尺寸。而且還有一點空間可以去那裡。我們也擁有國際化發展的機會，這是我們透過 YIT 在加拿大投資開始的。在建築方面，它是一個更廣泛的類別，是不同的。我們定義為建築設備。從我們在密西根州北部透過汽車經銷店和芝加哥地區銷售的小型草坪和農業類產品，一直到我們在密西根州代理的鏈帶式起重機。

And so it's a much more open playing field. There are many more types of equipment dealers and some it's a much more, I guess, fertile area for consolidation for us today. We're in the later innings of that consolidation strategy and material handling, and we're just getting started in construction, I guess is the way I would characterize it. Okay.

所以這是一個更開放的競爭環境。設備經銷商的類型有很多，我想，對於今天的我們來說，有些是一個更肥沃的整合領域。我們正處於整合策略和材料處理的後期階段，我們才剛開始建設，我想這就是我描述它的方式。好的。

On shifting our next question kind of sticking in the broader themes it motivates this weekend. I've got a couple of questions around things that came out of that. One is still spending three days there. It was amazing to me how much come d.e.m.o. showing how much, you know for space was taken not taken up by automation and robotics. And clearly, that's a trend. It's not that it's not much of a secret. But as you think about the move towards automation and the move towards more robotics, how does that? Because I challenge you in terms of your ability to find the kind of technician that would service that is it does it make it harder for you to recruit? I mean, I could see that being the case, I could see it making it easier for you to recruit.

在改變我們的下一個問題時，我們會堅持本週末激發的更廣泛的主題。我對由此產生的事情有幾個問題。其中一人仍在那裡度過三天。令我驚訝的是，有多少 d.e.m.o.顯示您知道自動化和機器人技術佔用了多少空間。顯然，這是一種趨勢。這並不是說這不是什麼秘密。但是，當您考慮向自動化和更多機器人技術的發展時，情況如何？因為我對你尋找能夠提供服務的技術人員的能力提出了挑戰，這是否會讓你更難招募？我的意思是，我可以看到，既然如此，我可以看到這會讓你更容易招募。

And then you kind of by tying question to that, is that I know that you guys have some exposure and do some distribution around some robotics and some automated products, as you know, from where you sit is where are we within kind of the deployment of that kind of technology. I mean, I know we're early innings, but I mean, is this stuff actually really getting deployed or kind of what kind of your material handling is really what kind of, you know, like how much of the pie does it take?

然後你將問題與此聯繫起來，我知道你們有一些接觸，並圍繞一些機器人和一些自動化產品進行了一些分發，正如你所知，從你坐的地方就是我們在部署中的位置那種技術。我的意思是，我知道我們還處於早期階段，但我的意思是，這些東西是否真的得到了部署，或者您的材料處理實際上是什麼樣的，你知道，就像它需要多少餡餅一樣？

Well, let's start with the first piece of the question. So the that we see automation and robotics is an opportunity in our core business segment, which is, as we highlighted today, we really think it's all about product support in the aftermarket. And we think that that same thing will play out in robot robotics and other advanced solution material handling solutions.

好吧，讓我們從問題的第一部分開始。因此，我們看到自動化和機器人技術是我們核心業務領域的一個機會，正如我們今天所強調的那樣，我們確實認為這一切都與售後市場的產品支援有關。我們認為同樣的事情也將在機器人技術和其他先進的材料處理解決方案中發揮作用。

The question of technical aptitude or ability or recruit ability is actually it's the second. It was the second thing, but position you positive, which is it's actually easier. It's harder to train someone to be a full, you know, the fully functional heavy diesel engine mechanic that works on all type of audio, the breadth of heavy equipment that we have in our portfolio that's harder to train and takes longer to train than some of these electric material handling machines, which Vinod is if there's less diagnostics, it's going to be more component replacements. Just it's a different skill set, and it's going to be more happening with laptops and with heavy tools and machinery and I guess is the best way to delineate the two, um, and then just what's the sorry, 10, there was a multipart question. What was the second?

技術資質或能力或招募能力的問題其實是第二個。這是第二件事，但要保持積極的態度，這實際上更容易。培訓一個人成為一名功能齊全、可處理所有類型音頻的重型柴油發動機機械師更加困難，我們的產品組合中擁有大量重型設備，這些設備比某些設備更難培訓，並且培訓時間更長Vinod 認為，這些電動物料搬運機器如果減少診斷，就會需要更多的零件更換。只是這是一套不同的技能，而且這種情況會更多地發生在筆記型電腦、重型工具和機械上，我想這是描述兩者的最佳方式，嗯，然後只是抱歉，10，有一個由多個部分組成的問題。第二個是什麼？

So yes, it was I was into it like you I mean, I've seen some of your all's, you know, marketing literature that you have around and you guys do have some product offerings that you're in your what I call it, your bias where we're adding a lifestyle or wholesale?

所以是的，我和你一樣喜歡它，我的意思是，我看過你們所有的營銷文獻，你們確實有一些產品，我稱之為你們的產品。 ，您對我們增加生活方式還是批發有什麼偏見？

Yes, right. Yes, in general, getting data and robotics and all the assets from it, we're early innings. And we're early days and there's a lot to come and we were well-positioned, but we're just scratching the surface and we're excited about that. We have we have allied lines and we have some some some parts of our portfolio that are more emerging, you know, technologies. But what we're really excited about is what Hyster-Yale is working on as our you know that our flagship partner and you can see their commitment to that market and being innovators. And we're excited to be part of that. And we feel like us and a couple of our other peers and their dealer networks are really well positioned to capitalize on that.

是的，沒錯。是的，總的來說，從獲取數據和機器人技術以及從中獲取所有資產，我們還處於早期階段。我們還處於早期階段，還有很多事情要做，我們已經做好了準備，但我們只是觸及了表面，我們對此感到興奮。我們有聯盟產品線，我們的產品組合中有一些更新興的技術。但我們真正感到興奮的是海斯特-耶魯正在進行的工作，因為我們的旗艦合作夥伴，您可以看到他們對這個市場的承諾以及作為創新者的承諾。我們很高興能參與其中。我們覺得我們和其他一些同行以及他們的經銷商網路確實有能力利用這一點。

Now I spent about an hour and a half and in their booth this week and what they had a very good story and add a nice demo of some stuff in there from my are my final questions, which are really just kind of nit picky and really for Tony, but Tony and 24, you hit part of it with regards to what you're expecting for rental equipment, but what's your CapEx for 2014 entity incremental Ted at $10 million is a good number for that figure. This would be for things like, you know, leasehold improvements at a branch parking lot a new roof. This kind of stuff refurbishing on this space, if needed crane, et cetera, $10 million, that is a good number there.

現在我這週在他們的展位上花了大約一個半小時​​，他們有一個非常好的故事，並在其中添加了一些很好的演示，這是我的最後一個問題，這真的只是有點挑剔，真的對於托尼，但托尼和 24，您在租賃設備方面達到了部分預期，但是您 2014 年實體增量的資本支出是多少，泰德 1000 萬美元對於這個數字來說是一個很好的數字。這將用於諸如分支停車場的租賃權改進和新屋頂之類的事情。這種空間的翻新，如果需要起重機等，1000萬美元，這是一個不錯的數字。

Okay. And then my last question, which is really nitpicky is I just think it's more of a curiosity on the cash flow statement, what is gain on bargain our purchase of business and gain gain on bargain or gain on bargain purchases brought to us by general accounting principles and the fair valuing of assets and purchase price allocation. It effectively is saying that the assets that were purchased in the Burrows transaction, we're worth worth of worth more than more than you're paying or paid for it. And there's a judgment that comes into that fit from factors that I won't get into. But that's what that was well, again, congrats on the quarter and the year look forward to 2024.

好的。然後我的最後一個問題，這真的很挑剔，我只是認為這更多的是對現金流量表的好奇，我們購買業務的討價還價收益是什麼，討價還價收益或一般會計給我們帶來的討價還價購買收益是什麼資產公允價值評估和購買價格分配的原則。這實際上是在說，在巴羅斯交易中購買的資產，我們的價值比你支付或支付的價值還要高。並且有一個判斷是根據我不會涉及的因素得出的。但事實就是如此，再次恭喜本季度，展望 2024 年。

Thank you, Ted. Thank you for your question.

謝謝你，泰德。謝謝你的問題。

There are no additional questions waiting at this time. That will conclude the conference call on behalf of the company. Thank you for your participation. You may now disconnect your lines.

目前沒有其他問題等待。這將代表公司結束電話會議。感謝您的參與。現在您可以斷開線路。