Custom Truck One Source, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Custom Truck OneSource's fourth quarter 2022 earnings conference call. Please note this conference call is being recorded. I would like to hand the conference call over to your host today, Brian Perman, Vice President of Investor Relations for Custom Truck.

Thank you and good afternoon. Before we begin, we would like to remind you that management's commentary and responses to questions on today's call may include forward-looking statements which, by their nature are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For discussion of some of the factors that could cause actual results to differ, please refer to the risk factor section of the company's filings with the SEC. Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during the call in the press release we issued today. The press release we issued this afternoon and our quarterly investor presentation are posted on the investor relations section of our website. We filed our 2022 10K with the SEC this afternoon. Today's discussion of our results of operations for Custom Truck OneSource, Inc., or Custom Truck, is presented on a historical basis as of or for the three and 12 months ended December 31, 2022, and prior periods. While our reported results can only include Custom Truck OneSource LP for the period since the April 1st, 2021 date of the business combination, we have presented and will be discussing today pro forma combined results as if Nesco and Custom Truck had operated together for all periods. All references and comparisons to 2021 results are made on a pro forma basis. We believe such combined information is useful to compare how the combined company has performed over time. Joining me today are Fred Ross, CEO, Ryan McMoneagle, President and COO, and Chris Edwards, SECFO. I will now turn the call over to Fred.

Thanks, Brian, and welcome everyone to today's call. I'd like to begin by thanking all of our employees, customers, and suppliers who supported our business and helped us achieve our fantastic results as we navigated the challenges our industry faced last year. The entire team continues to work tirelessly to maintain record levels of production so we can fulfill our goals of providing unrivaled service to our customers, growing our market share, and creating value for our shareholders. Last quarter, we delivered record revenues, adjusted gross profits, and adjusted EBITDA. We generated $487 million of revenue and $124 million of adjusted EBITDA in Q4 up 37% and 30% respectively, versus Q4 of 2021. We sold $244 million of new equipment in the quarter, which is a quarterly record for the sales organization. Additionally, we continued to grow the fleet, adding $27 million of net OEC to the quarter. While our supply chain continues to improve, We are working closely with our vendors to continue to address remaining issues and have 2023 be a better year than the last year. Our ERS business continues to perform very well with utilization increasing by 250 basis points over the prior quarter. Our TES business continues to see very strong demand with backlog growing to a record of $754 million, more than 83% higher than a year ago. Strong demand for both rental and new sales provide us the opportunity to focus on improving profitability through margin expansion. Finally, we remain well capitalized in our focus on reducing our net leverage, which Chris will discuss later. Our fourth quarter results provided continued momentum for us and a strong foundation for this year. We are confident that our team will continue to execute well and deliver strong results during 2023 We expect to see continued strong revenue, adjusted gross profit, and adjusted EBITDA gross across all our business segments. As you know, after founding Custom Truck more than 25 years ago, I will retire from CEO role next week. Building this business has been one of the greatest accomplishments of my life. Leading our employees and serving our customers is something I have been passionate about my entire career. I have worked with Ryan for more than eight years, and I am confident in his leadership ability and the rest of the Custom Truck leadership team. I look forward to seeing what they achieve in the years ahead. With that, I'll now turn the call over to Ryan.