Enerpac Tool Group Corp.

Ladies and gentlemen, thank you for standing by. Welcome to Interpac Tool Group's fourth quarter earnings conference call. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded today, October 17, 2023. It is now my pleasure to turn the conference over to Travis Williams, Director of Investor Relations. Please go ahead, Mr. Williams.

Thank you, Operator. Good morning, and thank you for joining us for Interpac Tool Group's year-end fiscal 2023 earnings call On the call today to present the company's results are Paul Sternlieb, President and CEO, and Tony Colucci, Chief Financial Officer. Our slides and a recording of today's call will be available on Interpac's website in the Investors section. Today's call will reference non-GAAP measures. You can find a reconciliation of GAAP to non-GAAP measures in the appendix of the slides as well as in the press release issued yesterday. Our comments will also include forward-looking statements that are subject to business risk that could cause actual results to be materially different. Those risks include matters noted in our latest SEC filing. Now I will turn the call over to Paul.

Thanks, Travis, and good morning. It's a pleasure to be here to talk about InterPAC's strong financial performance in fiscal 23. We also have a lot of good news to report in terms of the success of our Ascend transformation program with our first full year of implementation now behind us. As you can see on slide three, Full-year revenue of $598 million exceeded our initial guidance and came in at the high end of the guidance we revised upward last quarter. Reported revenues expanded 5%, while core sales, which exclude the impact of foreign exchange and dispositions, were up 8% over the prior year. Free cash flow also exceeded initial guidance and was toward the upper end of our revised guidance. An adjusted EBITDA of $136 million well exceeded our expectations and expanded 65% year-over-year. In fiscal 2023, we moved into the implementation stage of our Ascend transformation program designed to accelerate InterFax growth and profitability. To date, I'm pleased to report that we are ahead of schedule in terms of the timing and benefits of ASCEND. Originally, we anticipated total annualized adjusted EBITDA benefits of $40 to $50 million by the end of fiscal 2024. In the second quarter, we raised that guidance to $50 to $60 million. In fact, in fiscal 2023, we achieved our goal. capturing Ascend benefits of $54 million and a year ahead of plan. While Ascend remains an important part of transforming the company, given that we are well ahead of schedule, we intend to leverage the power of Ascend to transition to a focus on continuous improvement. As noted in our earnings release, we have issued our guidance for fiscal 2024, keeping it on the fairly cautious side, This is due to the continued uncertainty in the macro environment. However, we firmly believe Enerpac is well positioned to continue to outperform the industry and gain share based on the success of our four-pillar growth strategy, which includes expansion in key vertical markets, digital transformation, customer-driven innovation, and expansion in Asia-Pacific. I'll let Tony review our fiscal 2023 performance and cover our guidance for fiscal 2024. Then I'll return with more details about Ascend and our growth strategy and the ongoing benefits to the top and bottom line. Tony?