Hello, everyone. Thank you for attending Blue Bird Corporation's fiscal 2023 fourth quarter and full year earnings call. My name is Sierra, and I'll be your moderator today. All lines will be muted during the prepared remarks from our management team, with an opportunity for questions and answers at the end. If you'd like to ask a question, press star one on your telephone keypad. I would now like to pass the conference over to our host, Mark Benfield, Head of Investor Relations. Please proceed. Thank you, and welcome to Blue Bird's fiscal 2023 fourth quarter and full year earnings conference call. The audio for our call is webcast live on bluebird.com under the Investor Relations tab. You can access supporting slides on our website by clicking on the presentation box on the IR website. Our comments today include forward-looking statements that are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters we have noted on the following two slides and in our filings with the SEC. Blue Bird disclaims any obligation to update the information in this call. This afternoon, you'll hear from Blue Bird CEO, Phil Horlock, and CFO, Razvan Radulescu. They will take some questions. Let's get started. Phil? Well, thank you, Mark, and good afternoon, everybody. First, let me say, the Blue Bird team has done a fantastic job in delivering continually approved results as we have moved through each quarter in 2023. As you'll see shortly in Razvan's section, the fourth quarter was no exception to that, where we achieved outstanding financial performance. For the full year, we delivered a record financial results across the board, well ahead of the transformational plan that we outlined just a year ago, following a very tough year in fiscal 2022. So let's get started with the key takeaways for the full year on slide 6. As the headline says, we achieved record full-year financial results in fiscal 2023, and we beat guidance every quarter, including the fourth quarter. In fact, as Razvan will show you in just a few minutes, the fourth quarter was an all-time record profit for any quarter in Blue Bird's history, with an exceptional Adjusted EBITDA margin of 13%. As we look at the drivers for this terrific progress in fiscal 2023, it really is about making significant improvements across our entire business throughout the year. Market demand for school buses continues to be very strong, and the backlog for Blue Bird school buses was at a very healthy 4,600 units at the end of the fourth quarter. This bodes well for pricing, production stability, and profit margins. Now, while supply chain constraints are easing, there are select constraints across the industry, which are still limiting industry production and deliveries. But we are very engaged with those constrained suppliers with on-site support at their plants, and we are managing the situation very well. On that point, the evidence is clear with our bus deliveries in 2023 being 25% higher than last year. I'm pleased to tell you that the legacy price backlog, which hurt us in fiscal 2022 and in the first quarter of this year, is now fully behind us. As a reminder, we define those legacy price units as those at contractual price levels prior to October 2021. Every bus in our order backlog now reflects current pricing, and we're priced competitively, which we can tell from our quote win rate and incoming orders. This is an entirely different Blue Bird bus revenue structure compared with a year ago. On the EV front, thanks largely to the first phase of funding of $1 billion from the EPA's unprecedented $5 billion Clean School Bus Program, we had nearly 600 EVs in our firm backlog at the end of the fiscal year, and full year delivery is more than double from a year ago. With $4 billion still to go, this program is really accelerating the adoption of electric school buses. As we have done for many years, we again increased our sales mix of alternative powered vehicles and strengthened our leadership position even further. The higher margins and higher loyalty from these products contributed to our profit improvement in fiscal 2023. We also reinvested back into the business by selectively upgrading facilities and processes, enhancing the plant working environment, and adding electric bus capacity through our new EV production center. Through the efforts of the best workforce in the business, strong leadership, lean process improvements, and sheer hard work, we have been achieving some of the best manufacturing performance the company has ever achieved. Bottom line, we're performing extremely well in a strong market. We're delivering a greater mix of higher-margin, alternative-powered vehicles. We are priced competitively and appropriately for today's economic environment, and financial results are at an all-time record level. Now, let's take a closer look at the financial and business highlights for the full year on slide 7. I want to start by saying that our full-year financial performance is transformed from a year ago, with many record highs achieved. We sold over 8,500 buses in fiscal 2023, which is a substantial 25% or almost 1,700 buses above last year. Those unit sales drove full-year net revenue of $1.13 billion. That's an all-time net sales record for Blue Bird and an exceptional 41% higher than a year ago. Full-year Adjusted EBITDA of $88 million is another all-time record for Blue Bird. That's $103 million higher than last year and $15 million above the midpoint of guidance that we set at our last earnings call. And finally, Adjusted Free Cash Flow for the year was $121 million. That's an extraordinary increase of $144 million over last year and another all-time cash flow record for Blue Bird. Overall, these are outstanding full-year results and transformational gains from last year. Although not shown on this slide, it's worth pointing out that in the second half of fiscal 2023, we achieved an adjusted EBITDA of $70 million, representing a margin of 12%. It's clear we have great momentum going into fiscal 2024. On the right-hand side of the slide, you can see some of the operating highlights for the business. As I mentioned earlier, demand continues to be strong, with our firm order backlog at fiscal year-end worth over $670 million in revenue. We raised prices considerably over the past two years, and the average full-year selling price per bus in fiscal 2023 was 15% higher than a year ago. Part sales were just shy of $100 million, another Blue Bird record, and up 27% year-over-year. The increasing average age of buses on the road is having a material positive impact on our aftermarket business, and we gain market share. Turning to alternative powered buses, they represented a record 62% of our full-year unit sales, and that's a 4 percentage points increase compared with last year. We continue to be the clear leader in this space. No other school bus manufacturer comes close to that number. Now, EV buses were part of that mixed growth, with bookings more than doubling from last year. Additionally, we left the year with nearly 600 firm EV orders in our backlog, which is around a 12% share of our total backlog. That's worth approximately $180 million in revenue. Clearly, we're benefiting substantially from the $1 billion funding from the first phase of the EPA's $5 billion Clean School Bus Program. And last, on our EV business, we did launch an all-new extended range battery in the second half of the year, providing around a 30% increase in range on a single charge over our standard battery. That's an expected range of about 130 mi, which is a terrific value offering for our customers by meeting the sweet spot for daily school bus use. From an operations standpoint, a great example of lean manufacturing is improved throughput. Looking at the time taken from initially setting up a bus chassis to receiving payment for the complete finished bus. We cut that from 40 days- 20 days in fiscal 2023. Incidentally, we've been running at around 16 days in the first quarter of fiscal 2024. That's a great performance by our operations team. Finally, we beat full-year guidance, reporting record net sales, record adjusted EBITDA, and a record adjusted free cash flow for fiscal 2023. We finished the year incredibly strong, with a 13% adjusted EBITDA margin in the fourth quarter, and I'm very proud of our accomplishments. I would now like to hand it over to Razvan to walk through our fiscal 2023 financial results in more detail. In addition, we will be providing our updated fiscal 2024 guidance, which an adjusted EBITDA margin of 10% is substantially higher than what we showed you in our last earnings call. Over to you, Razvan. Thanks, Phil, and good afternoon. It's my pleasure to share with you the financial highlights from Blue Bird's fiscal 2023 fourth quarter, and full-year record results. The quarter end is based on a close date of September 30th, 2023, whereas the prior year was based on a close date of October 1st, 2022. We will file the 10-K today, December 11th, after market close. Our 10-K includes additional material and disclosures regarding our business and financial performance. We encourage you to read the 10-K and the important disclosures that it contains. The appendix attached to today's presentation includes reconciliations of differences between GAAP and non-GAAP measures mentioned on this call, as well as other important disclaimers. Slide 9 is a summary of the fourth quarter and full-year record results for fiscal 2023. It was another outstanding operating quarter for Blue Bird, with somewhat limited supply chain challenges and with an increased number of higher-margin units driving both our top line and our bottom line results. We significantly beat the adjusted EBITDA quarterly guidance provided in the last earnings call, and in fact, we delivered the best quarter ever for Blue Bird with 13% adjusted EBITDA margin. The team pushed hard and continued doing a fantastic job and generated 2,116 unit sales volume, which was 100 units or 5% higher than prior year. Record consolidated net revenue of $303 million was $45 million or 17% higher than prior year, driven by a higher number of units, higher part sales, improved mix of electric buses, and pricing actions that took hold significantly in this quarter as expected. The Adjusted Free Cash Flow was very strong at $35 million and $6 million higher than the prior year's fourth quarter. This performance was driven by the increased profitability, combined with strong working capital management and supports our great liquidity position at the end of this quarter, which was $163 million. Adjusted EBITDA for the quarter was a record $41 million, driven by our high volume of now profitable buses, increased parts sales and margins, partly offset by increased labor costs. Looking quickly at the total year, we are very proud by the team's performance in recording the best year ever for our company in several top-line and bottom-line aspects, and with only 8,514 units sold, or approximately 2,500 units less than the prior best year of 2019. This is despite the transitional nature of our fiscal 2023 Q1 results, which included still a large portion of all backlog, low-margin buses. Our full-year performance was outstanding for both the top line and the bottom line. All-time record $1.13 billion in revenues. All-time record Adjusted EBITDA of $88 million. An all-time record adjusted free cash flow of $121 million. Moving on to slide 10. As mentioned before by Phil, our backlog at the end of Q4 continues to be very strong at approximately 4,600 units... and with all of these units at current price levels. Breaking down the record Q4 $303 million in revenue into our two business segments, the bus net revenue was $278 million, up by $42 million versus prior year. Our average bus revenue per unit increased from $117,000- $131,000, or 12%, which was largely the result of pricing actions taken over the past 18 months, as well as a higher mix of electric buses. EV sales in Q4 were also at a record level of 171 units, or 51 more than last year, a 43% increase year-over-year. Parts revenue for the quarter was $25 million, representing a growth of $4 million or 17% compared to the prior year. This extraordinary performance was in part due to increased demand for our parts as the fleet is aging, as well as supply chain-driven pricing actions and throughput improvements. Gross margin for the quarter was a record 16.5%, or approximately 18 percentage points higher than last year, due to our improved operational performance and our pricing catching up with the inflationary costs over the last 18+ months. In fiscal 2023 Q4, adjusted net income was $21 million, or $43 million higher than last year. Adjusted EBITDA of $41 million or 13% was up compared with prior year by $57 million and 20 percentage points. Adjusted diluted earnings per share of $0.66 was up by $1.32 versus the prior year. Moving on to slide 11, and for the remaining of this presentation, we will focus on the full year results. Breaking down the $1.13 billion in revenue into our two business segments, the bus net revenue crossed the one billion mark at $1.035 billion, up by $311 million versus prior year. Our average bus revenue per unit increased from $106,000 to $122,000, or 15%, which was largely the result of pricing actions taken over the past eighteen months, as well as a higher mix of electric buses. EV sales for the year were at a record level of 546 units, which is 277 more than last year, or more than double. Parts revenue for the year was $98 million, representing a growth of $21 million or 27% compared to the prior year. This extraordinary performance was in part due to increased parts demand as the fleet is aging, as well as supply chain-driven pricing actions throughout the year and throughput improvements. Gross margin for the year, including the low margin units from Q1, was approximately 12% or 8 percentage points higher than the last year, due to our improved operational performance and our pricing catching up with the inflationary costs. In fiscal 2023, adjusted net income was $35 million or $71 million higher than last year. Adjusted EBITDA of $88 million or 8% was up compared with prior year by $103 million and 10 percentage points. Adjusted diluted earnings per share of $1.07 was up $2.22 versus the prior year. In summary, our operating performance and financial results demonstrated in this year, and particularly in the last two quarters, are clear evidence that our business transformation has been very successful, and it sets a solid base for our future performance towards our goal of sustained, profitable growth, with Adjusted EBITDA margins of 10%+ in the short-term normal year and with some more supply chain normalization, followed by 12%+ in the medium to long term. Moving on to slide 12. We have extremely positive developments year-over-year also on the balance sheet. We ended the year with almost $80 million in cash and reduced our debt significantly by $40 million over the last four quarters. Our liquidity is at very strong, at a record $163 million at the end of fiscal 2023, with a zero balance on our revolver. The improvements in operating cash flow and adjusted free cash flow were primarily driven by improved operations and margins, and were supported also by improvements in trade working capital. Additionally, we had, at the end of the year, $19 million in prepaid revenues from phase one of the EPA Clean School Bus Program, with more to come in the future. Moving to slide 13. At the end of November 2023, we refinanced our credit facility at significantly better terms with a five year maturity date through November 2028. The new structure consists of a $100 million term loan with 5% per year amortization and a new revolver line of credit of $150 million. We would like to thank BMO, who led the syndication process, the other joint leader arrangers, including Bank of America and the other lender participating banks, for their support and confidence into our future. The reduced governance and the extended maturity of our loan provide Blue Bird with both flexibility and stability as our business grows profitably and we continue to lead the school bus industry in the alternative fuel space. Slide 14 shows the magnitude of the business transformation and results achieved by our team over the last year. We went from arguably the worst year ever to the best year ever, with over $100 million Adjusted EBITDA improvements year-over-year, record revenue up 40% and approximately doubling our EV sales, and record Adjusted Free Cash Flow. We achieved this with approximately 2,500 less units than the prior best year of 2019, which demonstrates our much lower break-even point we operate under right now. Slide 15 shows the work from fiscal 2022 Adjusted EBITDA to the fiscal 2023 results. Starting on the left at -$15 million, the impact of the bus segment gross profit in total was $86 million. Split between volume and pricing effects, net of material cost increases of $66 million, and operational improvements of $20 million. The operational improvements consist of year-over-year manufacturing efficiency improvements and lower freight in costs. The favorable development in the parts segment gross profit was $17 million, driven by higher sales and improved margins, as mentioned earlier in the call. Moving on, our JV, Micro Bird, had an outstanding year, and their best year ever as well. Coming from a net income loss last year to a record result, the year-over-year improvement was $12 million. Additionally, we updated our Adjusted EBITDA add backs to include now, due to materiality, our portion of the JV interest, taxes, depreciation, and amortization of approximately $5 million in absolute terms and year over year, as last year it netted to under $100K. These improvements were fully offset by increases in our other expenses and fixed costs, mainly personnel related, of -$17 million, as we started to reinvest into our business and our teams during fiscal 2023. The sum total of all of the above-mentioned developments drives our record fiscal 2023 reported Adjusted EBITDA result of $88 million or 8%. On slide 16, you can see once again the spot market development for steel prices. After the reduction in the second half of calendar year 2022, they started to increase again all the way through the end of May, and this did offset a portion of our pricing realization for the remainder of calendar year 2023. The next few months showed some easing, but the UAW strike resolution with the major auto manufacturers created upward pricing pressure into the market. The futures, however, indicate some flattening in the next few months. However, please keep in mind that we have already put in place a comprehensive steel buying strategy, and we are entering into future locked contracts for steel prices with certain tonnages up to 12 months forward, minimizing our exposure and margin risk in the backlog. Before we talk about the updated guidance for fiscal 2024 and our improved long-term outlook, on slide 17, we wanted to share with you some significant investments that we are planning to start in fiscal 2024 to ensure our profitable growth strategy is successful. Our engineering expenses planned for fiscal 2024 are double the level of fiscal 2023, as we start the integration work of the next generation of Ford gas and propane engines for the next level of emission regulations. Additionally, we continue to evolve our EV offering and plan new product safety enhancement features. Finally, we will continue to ramp up our investment in bringing to market the commercial EV chassis by the end of calendar 2024. We are also planning to triple our capital investment into capacity expansion, production facility upgrades, quality improvements, and our supply chain capability and tooling towards our target of 50 buses per day for approximately 12,000 buses per year. On the people side, we experienced inflationary pressures, both externally from our supply base and internally, and we continue to provide competitive benefits to our employees. We are also launching a complexity reduction initiative, and we will begin the upgrade of our ERP system, as well as modernization of our business intelligence and financial planning and analysis tools. All these costs combined can add up to approximately 2% of our revenues in fiscal 2024 and beyond. On to slide 18. This is the last earnings call in which we will present this picture, as it was necessary in the past to provide transparency to our pricing journey and consumption of the old backlog. However, we are happy to reiterate that we are now past all of the old backlog units with fixed pricing from fiscal 2021 orders. Our production schedule is now full into fiscal 2024, with some models, Type D, for example, going already into fiscal 2025. As shown in the page before, supply chain and labor inflationary cost pressures still exist, and we are reinvesting heavily into our product and manufacturing capabilities. Given our significant backlog, we announced for fiscal 2024 another mid-year price increase of $2,500 per bus net for new orders received after April 1st, 2024, to cover expected inflationary costs and other investments. This is in addition to the prior price increase of $2,500 we took for orders starting on October 1st, 2023. On slide 19, we want to share with you our updated fiscal 2024 guidance. As a reminder, we are continuing to take a more transparent and conservative approach also this year, as it is still a somewhat uncertain supply chain environment we are facing. However, we have improved already all the other business levers that we could address, as now demonstrated by our very strong fiscal 2023, Q3 and Q4 actual results. Looking forward at fiscal 2024, we are increasing our revenue to a range of $1.15-$1.25 billion, and we are significantly increasing our Adjusted EBITDA margins to $150 million or 10%, with a range of $105-$125 million. Due to supply chain volatility, at this point, we are only providing general quarterly ranges, with every quarter expected to have revenue between $275 million-$325 million, Adjusted EBITDA in the range of $25 million-$35 million or 9%-11%. We'll provide further updates in mid-February after we close Q1, and gather further insight into our supply chain capabilities to support our strong backlog and EV mix. Moving to slide 20. In summary, we are forecasting a significant improvement year-over-year, with revenue up 6% to approximately $1.2 billion, Adjusted EBITDA in the range of $105 million-$125 million, and adjusted free cash flow of $50 million-$60 million, in line with our typical target of approximately 60% of Adjusted EBITDA. On slide 21, we wanted to also update you on our improving long-term outlook. We are very happy about the results of our business transformation, as demonstrated by our fiscal 2023 to 2024 actual results, and our increased fiscal 2024 guidance. The 10% Adjusted EBITDA margin is firmly now into our updated new normal year, and once the supply chain further normalizes, we expect to sell 9,500 units, including 1,500 unit EVs, and generate $135 million of Adjusted EBITDA on $1.35 billion in revenue. Looking to the medium term, our EV growth and operational improvements can support volumes of 10,500-11,000 units, including EVs in the range of 2,500-3,500 units, generating revenues of $1.5-$1.75 billion, with Adjusted EBITDA of $165-$210 million, or 11%-12%. Our long-term target remains to drive profitable growth towards approximately $2 billion in revenue, comprising on up to 12,000 units, of which up to 5,000 are EVs, and generate EBITDA in excess of $250 million or 12.5%+. We are incredibly excited about Blue Bird's future, and now I'll turn it back over to Phil to further expand on this. Thanks, Razvan. Let's move on now to slide 23. Now, we've shown you the chart on the left before, which illustrates the three priorities that drive us: taking care of our employees, delighting our customers and our dealers, and delivering profitable growth. The new chart on the right provides more texture around the specific strategies that we are pursuing, that both align with our priorities and drive our four-year growth plans. At the center is our ultimate objective, to drive sustained, profitable growth. As you look at the accomplishments in fiscal 2023, we've transformed the business from losses to record profitability. For fiscal 2024, we have increased our earnings guidance to reflect a 10% Adjusted EBITDA margin, and then over the next couple of years, we plan to grow the margin to 11%-12%. Our core strategies focus on delivering these financial goals and are spelled out in this chart. Shown at the top of this chart, leadership and safety, both in the workplace and with our products, is paramount to us. Specifically with our products, we seek to differentiate ourselves, providing more value to our customers. Our buses are purpose-built from the ground up for transporting children safely, with many unique features that no one else has in the industry. They're not a derivative of a truck chassis, like most of our competitors, and our customers understand the value of this. Delivering the best and broadest range of products and features, and leading in quality, durability, and alternative power, are the cornerstone of our product planning and development. Being competitive in cost through lean manufacturing and efficient throughput, strong supplier relationships, and smart product design are essential to compete in a business where competitive bids are mandatory. After the sale, we need to provide great service and ensure the highest possible vehicle uptime throughout the 15 years or more that our buses need to run. This means partnering with our exclusive dealer network that covers every corner of the United States and Canada. With an average tenure of 31 years, our dedicated Blue Bird dealers know how to service our customers. Frankly, you can't make it in the school bus business without a fully capable dealer network that can reach more than 10,000 school districts that operate their own bus fleets, and 3,400 independent owner-operators of school buses. Following these core strategies have been key to our transformation and will continue to drive our four-year plans. The next two slides highlight a couple of key initiatives that will help us accelerate adoption of EV and propane vehicles in fiscal 2024 and beyond. Let's turn to slide 24 and look at the latest impact of the federal government's Clean School Bus Program. As a reminder, we're in the second year of this five-year program, which provides $5 billion of funding for electric and propane-powered school buses. There are still over $4 billion available after the first round of funding. Round two provides $40 million in grants, and applications for this round close at the end of August this year. It's expected that around 1,000 buses and associated charging infrastructure will be funded by this grant program, and we expect the grant awards to be made in the first quarter of 2024 calendar year. With the help of our in-house grant writing team, Blue Bird supported enough well-qualified applications to support about 1,000 buses, so we should be well positioned to capitalize on this opportunity. In addition, a third round of funding was announced late this year, providing a further $500 million in rebates for electric and propane bus purchases. The application process is well underway, and awards are expected to be made in the second quarter of 2024 calendar year. In total, both of these funding initiatives should support up to 2,500 electric and propane school buses and associated infrastructure, which is great for the industry and, in particular, great for Blue Bird. Continuing on this theme of accelerated adoption of Blue Bird electric school buses, slide 25 shows our latest initiative that we announced late last week. We have formed an exclusive joint venture with Generate Capital, who is a leading sustainable investment and operating company focused on infrastructure transition. Our new venture, called Clean Bus Solutions, will provide electric school buses and charging infrastructure as a service to Blue Bird customers for an affordable monthly fee over the lifetime of the service. This turnkey service eliminates a typical high upfront cost for a school district in paying for an electric bus when grants are limited, and handles the entire charging infrastructure process, including installation. This recurring revenue business should accelerate adoption of Blue Bird electric buses by school districts and will be a great new sales tool for our dealers. We will keep you posted on progress throughout the coming year as Clean Bus Solutions begins to transact business. So let me now wrap up the prepared remarks and our outlook for the business on slide 26. There's not much more I can say on our fiscal 2023 results, other than we achieved record results across every metric on which we provide guidance, and it was a transformational improvement from fiscal 2022. Razvan took you through the raised guidance of fiscal 2024, and I'm showing you some of those key metrics at the midpoint of guidance on this slide. We are being prudent in our bookings outlook, only increasing volume by 3% over fiscal 2023 at this time, as we still deal with select supply chain issues. But we did manage them very well in fiscal 2023, and if we can build more in fiscal 2024, we will, just as we did last year. Net revenue of $1.2 billion will be a new record for Blue Bird, up 6% from fiscal 2023. Adjusted EBITDA guidance of $115 million is more than 30% higher than the record $88 million we delivered in fiscal 2023. Importantly, we are planning on a 10% EBITDA margin in fiscal 2024, up two percentage points from fiscal 2023, which is a couple of years ahead of the plan that we have been sharing with you. We have confidence in achieving this margin after recording a 12% adjusted EBITDA margin in the second half of fiscal 2023. As Razvan pointed out, we are doubling our engineering work in fiscal 2024 in support of new product programs, which is contained within our 10% margin outlook for fiscal 2024. And finally, we're looking to grow EV unit sales to 900 buses in fiscal 2024. That's a 65% increase over our 2023 sales. And as you can see on the right chart, there's a lot of pent-up demand following the low interest of sales in 2020, 2021, and 2022, and the bus fleet has aged by a couple of years during that period. ACT is forecasting a compound annual growth rate of 10% through to fiscal 2027, and that's great news for our business and great news for our profit outlook. With residual supply chain challenges still impacting the auto industry, the ability to build all these units near term is not a given. But I can tell you one thing, the demand for these buses is clearly there. After executing a substantial transformation across our business, the company is performing exceptionally well, as you can see by our financial results. We'll continue to improve operating performance and look forward to sustained, profitable growth in the robust market ahead. The future is incredibly bright for Blue Bird, and we're confident in achieving what had been our long-term goal of 12% EBITDA margin within the next couple of years. I want to thank our nearly 2,000 employees for all the hard work and dedication in delivering our record results in fiscal 2023 and for transforming our company, as well as our outstanding dealer body, who are critical to our success. That concludes our formal presentation today, and I'd like to hand it back to our moderator for the Q&A session. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. To remove your question, press star followed by two. If you are using a speakerphone, please pick up your handset before asking your question. Our first question today comes from Eric Stine with Craig-Hallum. Please proceed. Hello? Hello. Hey, Eric. Hey, Eric. Hey, okay, good. You can hear me. We can hear you. Yep. So good. Very good. Well, obviously, you know, great end of the year, $40 million in EBITDA, and appreciate the, the fiscal 2024 and the, you know, kind of high-level quarterly view. But maybe just talk about seasonality a little bit. Obviously, historically, a very seasonal business. Now you've got this big backlog you're working through, plus you've got strong industry demand. So maybe, you know, in the context of that high level of guidance that you have given per quarter, you know, how should we think about seasonality throughout the year? That's a great question, Eric. It's Phil here. Obviously, you're used to us. You've seen our report numbers over many years, and seasonality was always that one issue we dealt with. I think right now, with our backlog and with the pent-up demand we have, and the industry in general with dealing with the same issues, seasonality is really not something that is concerning us right now. Now, the first quarter will always be lower. We obviously have shutdowns, holiday vacation plans around Thanksgiving, around the holiday season at Christmas time. So these obviously impacted with less days, obviously, especially in December. But I think overall, when you look at us now, that predictability of looking by quarter, we're not going to have anything like the seasonality we used to have. It's pretty. It's fairly consistent throughout the year. Just first quarter should be a little lower in a volume standpoint. Okay, that's helpful. And then y ou talked about Clean Bus Solutions, and then you expect that to accelerate. And, you know, I would assume you're talking about affordable, but getting as close to what the cost of a diesel bus would be on a monthly basis for a school district. I mean, how do you-- I think in the slides you said you expect it to be 10% of sales here in the relative near term. I mean, how do you see that playing out? Do you think that school districts are looking at the Clean School Bus Rebate program, waiting to see if they get funding? If they don't, then they potentially go this route and possibly do it quickly, as a way to, you know, to really get buses on the road in a pretty rapid fashion? Yeah, I think that's the way we're looking at it. Obviously, the grants for the EPA program have been terrific. I mean, they've helped people really accelerate adoption, and districts who otherwise would not have been able to afford a product, have had a chance to get a terrific grant. But there's no question when you don't have grants or you have limited grants, then there's a-- You know, we said before, the price of an EV bus is still about three times the price of one with a combustion or a spark engine ignition. It's a bit of a sticker shock, as we say in the auto industry. Having this capability now, that instead of a big upfront capital expense, you can pay what's called an affordable monthly fee over 12 years or 15 years or so, of the lifetime of the product, makes it much more affordable and faster to adopt. That's the beauty of it. You know, for that $350,000, let's say, plus price of an electric school bus, when you're paying a standard monthly fee over 50 years, you can afford a few... a lot more of those buses right up front and get to run them, get used to them. Now, I do think at the end of, of the EPA grant, and a 5-year program that's being put out there, it's gonna be... That we expect, obviously, battery costs to come down, significant reductions in the price of the platform, so to speak, the electric platform. And I think that's when you really will see the benefits of a program like this coming through, because it will be much more attractive than a traditional upfront capital cost for a school bus. Got it, and very helpful. And then last one for me, just, I mean, obviously, the margins, the price per bus, I mean, all of that, moving in the right direction and, and pretty quickly. I mean, but would you agree with the statement that really that is more, due to the price increases you've put through, and that that's finally worked through backlog rather than the mix of electric buses? If I do my math, it looks like maybe electric made up 6%-7% of the mix in, in fiscal 2023. Hi, Eric, this is Razvan. Thank you for the question. Absolutely, the biggest impact comes from the numerous price increases we put in place over the last almost 24 months now, to keep up with the material cost inflation and, reposition our margins for the future. So yes, EV is a smaller portion of that, but, all the other buses, and especially alternative power ones, are what drives our extraordinary bus margins today. All right, thank you. Thanks, Eric. Our next question today comes from Mike Shlisky with D.A. Davidson. Please proceed. Yes, hi, good afternoon, and thanks for taking my questions. I guess I want to talk first about the- Hi Hi there. I want to just touch first on the EV subsidies and EV programs for fiscal 2024. Do you anticipate that Blue Bird will continue to kinda get its fair share, if not greater, of whatever is awarded this year's in this year's subsidies and in the broader EV bus market in general? Yeah, yes, I would. I would expect us, Mike, to do very well and get our fair share. We got a good share to the first phase, and I think we prepared very well for this. You know, we have grant writers on our team who work with our school districts, they work with our customers, they work with our dealers, help us put together what I call really valid applications. I mean, when you're looking at a grant program, you're often asked them to look at the quality of that customer, are they in an attainment area? Are they in an area that needs electric buses because of the pollution that might be in that area? And we've researched that very well, gone through it. We feel confident of where we stand in terms of the applications we put forward and validity of those applications. Just to follow up there, have you found any, a large number or even a small number of the previous awards, get postponed because the customer didn't have a charging infrastructure or, or other parts that were required to get the bus? You know, that's a good question. I've heard that, I've heard that some others of our—some folks out there have had, you know, cancellations on our request. I can tell you this, we've had two vehicle cancellations. Two in total. Not, not 20, not two customers with lots of applicants, two vehicles, because of a customer who was just concerned about could he get the infrastructure in place the time he wanted it? That's it. That's for us, is we've been very successful in terms of putting our grant requests in, highly validated, highly qualified, so we feel good about that. Got it. One topic that wasn't really mentioned was the organized labor in your facility. I was wondering if you could update us on how discussions have been going with your employees and, and what i f there is a date or a possible milestone you've got for us to to share today on that. Thank you. Okay. Yeah, well, I think it's pretty much the same as I said last quarter, actually. We're collaborating well with the United Steelworkers. We're having very frequent negotiations. We're not actually talking about what I call the economic terms yet. It's been more around things like you know, holidays and what do we do about grievance issues that might be out there. More of a typical what they call non-economic factors. So as I said, going very well, a lot of good discussion, very professionally run. And I would say that I think the earliest we've seen a completion of this, I don't even put a date on it, but I think we're talking well into 2024 before something might be finalized. Like I said, meeting very regularly. We're very thorough. This is a ground up program. I mean, you start literally from a blank sheet of paper and work through everything with the United Steelworkers. And so I think sometime maybe towards middle of next year could be, but again, I'm not putting any time frame on that. We'll just handle it thoroughly. Okay, Phil, thanks so much. I appreciate the commentary. I'll pass it along. You bet. Thanks, bye. Our next question comes from Craig Irwin with Roth MKM. Please proceed. Good evening, and thanks for taking my questions. Hi, Craig. Phil, you guys have really demonstrated leadership in alternative fuels over the last many years. And part of that is understanding the market. And today, again, on this call, you've been really clear that the long-term adoption of EV school buses, the accelerating adoption, is dependent on the ability to reduce the cost of operating these buses, the cost of acquiring these buses, for the school districts that are considering going electric. Can you maybe share with us your level of activity, your level of engineering focus on reducing the cost of EV school buses for your customers? You know, maybe if you could share opportunities you see as particularly ripe or having good near-term returns. And what's your vision for potential cost improvement over the next few years? Okay, a great question, Craig. So obviously, you look at where we are. We buy a system from Cummins, right? And they're a great partner of ours. We buy our drivetrain system from them, includes the batteries, includes the controls, the control software system, the motor, the inverters, all the pieces. And we have a regular cadence with Cummins in terms of the products that we meet on, going through options to reduce design, lower the cost, think smarter about the product itself. And I'm not gonna put any numbers on the table now. Needless to say, we have a great program with that. We're constantly looking at resourcing, sourcing alternatives, lower cost systems, whether that includes batteries, the control motor itself, you know. Does it? Do we go, do we look at e-axles down the road? I mean, these are all things we consider in collaboration with Cummins. I think we're still at the early stages, I would say, in terms of, you know, EV capability, and we've been in since 2018 with Cummins as our partner. But I think, I think down the road, you'll sort of look at us... We'll be looking more and more at battery suppliers, battery alternatives, cell providers, 'cause frankly, you know what's happened over the last, you know, with one of our major battery suppliers, not ours, but a battery supplier out there who had to declare bankruptcy and was acquired by a third, another company. Here's an example, I think, of some of the flux that's going on there. So we're constantly looking at alternatives for stronger partners, better, better cost partners, lower cost partners, more efficient partners, and, and we'll keep doing that. I think some things over time, you'll see us probably bring a little bit more of this in-house too, as we get more scale on our business. But we're at the forefront of it. We're very collaborative with Cummins, they're a great partner to work with, and I think you see it, see the outcome in our results. I do think that, you know, over the next few years, you're definitely seeing not only the battery costs coming down, but other components as there's more scale and electrification of school buses and trucks in general. And we want to capitalize on that and be ready for it. Hence, you know, what this Generate Capital venture we've done, Clean Bus Solutions, is again trying to make it more affordable on a regular, predictable monthly basis, taking away what we call anxiety. Anxiety for infrastructure away from the customer, and we'll handle it for them and take care of it and make it much easier for them to adopt electric buses. And that, that's what we learned a lot from propane. A little lengthy here, the process, Craig, but I know you know our business very well. You've been with us a long time. One thing we did with propane was when we first entered that market, first question, where do I get propane from? What sort of tank do I need? What training do I need? You have to explain that and educate and train the drivers, the customers, about how to handle these vehicles, and I think we do a good job in that regard. Excellent, excellent. Then I guess others have tried this question, so I maybe will be just a little, a little more direct, right? You have the most experienced bid team out there facing the EPA, right? And you've demonstrated clear leadership in EV school buses. Do you expect to have a greater share of the $400 million in funding coming to customers that you support than what you saw on the $1 billion that was handed out last year? Well, it's an interesting question. I can tell you this: I'm not quite sure what's gonna happen in the end, right? At the end, we don't select the actual folks who are gonna get those grants. I mean, the EPA... I will tell you, I think we prepared extremely well for it. Just to reiterate, we sent in enough applications to take the entire fund. So we think we did. We really well qualified our applicants. We didn't go in here with just a, "Hey, let me just give you a free opportunity to have a bus that's relatively low cost or no cost." We actually went thoroughly through every school district, every one of our customers. Some of them were conquest customers, new customers who wanted to move to Blue Bird. So I guess what I'm saying is, Craig, that the proof of the pudding will be in the eating, right? When it shows up. But I, I feel confident we prepared as best we possibly could to get every opportunity to capitalize on this, on these grants. Okay, and then an adjacent question to that. Congratulations on your collaboration with Generate Capital. Jigar Shah is also a visionary on clean tech finance and has executed impeccably in his many different business ventures. Do your competitors, the companies that have aspirations of leadership in the EV school bus market, have access to the funding out of Generate, or would they need to go and find similar partners to set those up and offer that kind of financial support to some of these low-income, disadvantaged communities that the president is really focused on giving the opportunity to? Yeah, well, our venture with Generate and by the way, I agree with you fully. Jigar Shah is a fantastic guy. I've met him several times over the years in on different events, even prior to this joint venture here. But I will tell you that, I think, we are really well prepared on this. As I look at it. Just tell me the question. One second. Yeah, I should say, I just lost the tone of the question. I was explaining all my knowledge of Jigar Shah there, just as you were doing. But I think, the unique thing for us, we have the exclusive relationship with Generate Capital. They want to work with us. They see our leadership in this space. They've fantastic access to things that we don't really access today in terms of tax credits, getting to every sort of corner of utility, understanding better than we do around the price of electricity and what it really means to a customer. So the answer to your question is quick. We are the only ones who can do this deal with Generate Capital, and so we're very proud to have that unique relationship. The goal for us now is to train our entire dealer network of what this is all about, what it means, the advantage it gives, and give a chance for all of our customers to get a zero-emission school bus as fast as possible. Great. Well, congratulations on fantastic performance. It's got to feel good to come back to Blue Bird to drive this level of success. It feels great. Thanks a lot, Craig. I appreciate it. It's all a team effort, though. Thanks a lot. Absolutely. Thank you for your questions. There are currently no questions waiting at this time, so I'll pass the conference back over to Phil Horlock for closing remarks. Thanks to all of you for joining us on the call today. We appreciate your continued interest in Blue Bird, and we look forward to updating you again on our progress next quarter, as we always do. As you saw today, we've completed a significant transformation well ahead of schedule, and it clearly showed in our record fiscal 2023 fourth quarter and full-year results. We have a really strong momentum going into fiscal 2024, and consequently, we raised our fiscal 2024 guidance significantly, projecting a 10% Adjusted EBITDA margin, which is two percentage points above what we achieved in fiscal 2023. And we're confident in achieving an 11%-12% margin within a couple of years as industry supply chain constraints continue to ease. Should you have any follow-up questions, please don't hesitate to contact our Head of Investor Relations, Mark Benfield. Thanks again from all of us at Blue Bird. Have a great evening. Good night. That concludes today's conference call. Thank you all for your participation. You may now disconnect your line.