Greetings, welcome to Broadwind's Fourth Quarter and Full Year 2022 Results Conference Call. At this time, all participants are in a listen-only mode. A brief Q&A session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star-zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tom Ciccone, Chief Financial Officer. Thank you, sir. You may begin. Good morning, welcome to the Broadwind fourth quarter 2022 results conference call. Leading the call today is our CEO, Eric Blashford, and I'm Tom Ciccone, the company's Vice President and Chief Financial Officer. We issued a press release before the market opened today detailing our fourth quarter results. I would like to remind you that management's commentary and responses to questions on today's conference 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 a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest annual and quarterly filings with the SEC. Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during our call in the press release issued today. I would like to inform you that Broadwind intends to file a proxy statement and related proxy materials with the SEC in connection with the 2023 annual meeting of stockholders and in connection therewith, its directors and certain of its executive officers are participants in solicitation of proxies from our stockholders in connection with such annual meeting. Stockholders of Broadwind are strongly encouraged to read such proxy statement and all other related materials filed with the SEC carefully and in their entirety when they become available, as they will contain important information about the 2023 annual meeting, including the identity of the participants in the solicitation and the direct or indirect interests of security holdings or otherwise. At this time, we will make no further comment on the recent purported nominations made by WM Argyle Fund or any matters or discussions related to the WM Argyle Fund or its purported nominations. At the conclusion of our prepared remarks, we will open the line for questions. With that, I'll turn the call over to Eric. Thanks, Tom. Welcome to those joining us today. I am pleased to report that after a two-year hiatus, we have begun to see green shoots within the domestic onshore wind market. Recent indications of interest from OEM customers, together with continued stability across our diverse non-wind markets, have contributed to improved visibility and optimism across our business in 2023. Given this backdrop, we have reintroduced our past practice of providing full year guidance, which we will touch on shortly. In the fourth quarter 2022, we booked $205 million of new orders, an increase of nearly 270% from the prior year period, with much of this improvement coming from wind. The recent passage of the Inflation Reduction Act, which includes a 10-year PTC provision, together with a decline in select raw material prices from recent elevated levels, are significant tailwinds for our business. Operationally, we have made good progress with our continuous improvement efforts, including deploying our innovative QR code technology to provide vital product and process information, including work instructions and video, directly to the point of use on the plant floor. This has improved asset utilization, first-time quality, cost, and reduced the learning curve on new product rollouts. We optimized the footprint in our Wisconsin facility to reduce material movement and fixed costs and added new automation capabilities in gearing to reduce lead times, improve profitability, and maintain our industry-leading revenue per head. We also added capabilities to our industrial solutions business to open new markets and expand share of wallet on existing accounts. We are pleased that we've been able to develop and retain the key count required to support the upswing in demand across our markets. We are managing the impacts of cost inflation and taking strategic actions to ensure stable margin capture as we work through some competitively priced wind tower builds in our near-term backlog. We are working with our customers to share inflationary cost increases and are expanding margins on our proprietary products. We are negotiating improved contract terms and prudently managing our cash and liquidity to ensure adequate working capital availability as we grow. We generated revenue of $40 million in the fourth quarter, a YoY increase of 54%, with each Broadwind segment posting gains of 40% or more. We generated $0.2 million of EBITDA in the quarter, an increase of $1.4 million YoY, which includes the impact of a lower margin tower order that we expect to finish during the first quarter of 2023. Our heavy fabrication segment booked Q4 orders of $184 million, up nearly 500% YoY, including the $175 million order received late last year. Our Gearing and Industrial Solutions orders were $15 million and $6 million respectively, yielding a robust quarter overall from an order standpoint. Our total consolidated backlog at the end of Q4 was $297 million, an increase of 180% versus the prior year period. Building activity in our non-wind markets remains strong, we expect the good order flow to continue through the balance of this year. Within our heavy fabrication segment, Q4 revenue was $24 million, a 61% increase YoY, with wind towers and other industrial fabrications hosting gains of 55% and 73% respectively. Importantly, our new proprietary product line, the Broadwind Pressure Reducing Systems, or PRS, which is a vital part of the natural gas virtual pipeline system in North America, comprised roughly 10% of this volume as we execute our strategy to expand in clean fuels. Gearing revenue was $12 million, a 41% increase YoY as customer activity continues to be strong within the energy and industrial sectors. We are seeing the positive impact of our commercial strategy as growth in our industrial, mining, and steel product lines outpace growth in our oil and gas products. In summary, I'm pleased with the substantial increase in order activity and backlog we experienced in Q4 as we head into 2023 with much better production visibility across all divisions. With that, I'll turn the call back over to Tom for a discussion of our fourth quarter financial performance. Thank you, Eric. Turning to slide five for an overview of our fourth quarter performance. Fourth quarter consolidated sales were $40.1 million compared to $26 million in the prior year quarter. The 54% consolidated increase in sales was primarily reflective of the improved demand environment, strong recent order intake levels, and an improving supply chain. In Q4, we recognized $0.2 million of EBITDA compared to a $1.2 million EBITDA loss in the prior year fourth quarter. The transition to a profitable fourth quarter is primarily attributable to the higher overall volume level and the corresponding increase in plant utilization, which contributed to improved operating leverage and fixed cost absorption in the period. Turning to slide six for a discussion of our heavy fabrication segment. Fourth quarter orders were $184 million, a nearly 500% increase from the prior-year period. The increase is reflective of the improving demand conditions we have experienced due to the tailwinds generated from the recent passage of the IRA, as well as the ongoing or planned projects that are near our Abilene facility. I would also like to point out that it appears steel plate pricing has begun to normalize in recent months, which should help project economics. We ended Q4 with nearly $240 million in segment backlog, a $160 million sequential improvement. Fourth quarter sales were $23.7 million, up from $14.7 million in the prior-year quarter. Compared to the prior-year, we experienced increases in both power and industrial fabrication revenue. Power sales benefited from the absence of supply chain issues which hampered deliveries in the prior year fourth quarter. Industrial fabrication sales benefited from the improved demand from industrial customers as well as for our PRS units. During the fourth quarter, we recognized EBITDA of $0.3 million, an improvement versus the prior year where we were breakeven. Although we produced more power volume versus the prior year, customer model changes did impact power production rates in the current year quarter. Turning to slide seven. Gearing orders continued to be strong in Q4, totaling $15.1 million. Although this represents a decrease of 10% versus the prior year period, Q4 of 2021 was a modern record for the Gearing segment. Fourth quarter segment sales increased over 40% to $11.7 million versus the prior year quarter. Reflective of the growth we have been experiencing in most end markets. We generated $0.8 million of segment EBITDA in Q4, an increase of $0.6 million versus the prior year quarter. Results versus the prior year period were favorably impacted by increased volumes. Full year orders exceeded $53 million, and we ended Q4 with more than $42 million in backlog. Both represent the highest levels in recent history. Turning to slide eight for a discussion of our Industrial Solutions segment. Industrial Solutions recorded $5.7 million new orders in Q4. Full year 2022 orders were greater than $20 million for the first time, and we ended the year with a record high $15 million in backlog. This increase was primarily driven by a strong rebound in aftermarket orders with our biggest customer, an indication of increased natural gas turbine upgrades globally. Fourth quarter segment sales increased to $4.7 million from $3.0 million in the prior year period, primarily as a result of the strong order intake levels we've been experiencing. EBITDA increased to $0.7 million, consistent with the increased sales volume when compared to the prior year quarter. Turning to slide nine. Total cash and availability under our credit facility increased significantly during the fourth quarter to more than $40 million. This represents the highest liquidity at Broadwind in nearly a decade. The improved liquidity is the result of improved terms on customer orders with respective deposits and a testament to the strength of our OEM relationships. As a result of the significant increase in customer deposits, net operating working capital decreased nearly $26 million in Q4 to $0.5 million. Partially offsetting the deposit impact was the increase in work in progress and finished goods inventory, as well as the timing of some large raw material deliveries in advance of 2023 shipments. Looking forward, we expect our operating working capital to increase primarily in Q1 as our AR balance will become more significant versus where it ended 2022. As Eric indicated, we are reintroducing our historical practice of providing full year financial guidance. For the full year 2023, we currently anticipate total revenue to be within a range of $200 million-$220 million and Adjusted EBITDA to be approximately $14 million-$16 million. That concludes my remarks. I will turn the call back over to Eric for an overview of end markets in addition to some concluding remarks. Thanks, Tom. In the near to medium term, we view the Inflation Reduction Act of 2022 as a significant positive catalyst for the wind sector that provides the long-term policy certainty long awaited by developers. Now that the IRA is law, we believe that this, supported by rising commercial and industrial demand, will drive increased wind installations beginning in 2024. In addition to the positive developments of the PTC extension for wind and the ITC for solar, we await final IRS guidance on the precise treatment of additional incentives in the IRA Act, such as the Advanced Manufacturing Production Credit or Section 45X. This provision creates a new production credit for domestic manufacturers of components relating to clean energy, including our wind power products. As we look into 2023, we've increased visibility and a strengthened backlog in each of our operating segments as we build on our legacy in wind to expand into new adjacent clean tech markets such as clean fuels, solar, and power and infrastructure. In our heavy fabrication segment, we are adding coatings automation to improve our plant throughput, optimize labor, and reduce costs as we continue to work with our customers to book capacity for towers and other industrial fabrications for 2023 and beyond. The line of proprietary Pressure Reducing Systems introduced last year is progressing per our strategy, and we plan to introduce both high flow and RNG versions to our offering this year. Given our current capacity, we have the ability to generate approximately $20 million in annual incremental revenue from this product line. In our gearing segment, we are seeing success with our efforts to broaden our sales mix into less cyclical markets to achieve a more balanced revenue stream. The pace of order growth from industrial, mining, and steel processing is significantly outpacing that from our oil and gas customers as per our plan. Skilled labor remains a challenge for us as we expand our force to meet the increasing demand. We have active continuous improvement projects in place to address specific bottleneck production areas in our facilities. In summary, I am pleased with the progress our team has made over the last year to build a strong foundation for profitable growth and look forward to capitalizing on improved market demand in the year ahead. As wind and renewables investment activity gradually increases over the coming year, we've maintained our facilities, equipment, and core talent to support ongoing recovery and order activity. We will leverage the footholds we have established within wind, clean fuels, and power generation while establishing a presence within other complementary market adjacencies such as solar. At the same time, we will seek to drive capacity utilization, margin expansion, and reduce net leverage, ensuring continued balance sheet optionality to support the long-term growth of our business. With the successful execution of this strategy, we expect to generate significant growth in both revenue and EBITDA over the next several years as we more fully leverage our NOLs with an emphasis on long-term value creation. With that said, I will turn the call over to the moderator for the Q&A session. Thank you. We will now be conducting a Q&A session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question comes from Eric Stine with Craig-Hallum. Please proceed with your question. Hi, Eric. Hi, Tom. Hi, Eric. Hi, Eric. Hey, good morning. Maybe just for me to start, obviously, it's still early days, but as you've said, things are starting to pick up in wind. You know, just curious what type of conversations you're having now. You've got the big order, which is effectively filling Abilene. What are the conversations like related to the capacity that's still available in Wisconsin? Do you kind of have a timeframe to when, you know, you might start to see that, getting filled up as well? Yeah, thanks for the question, Eric. As I mentioned on previous calls, it's going to take some time for the project pipeline to fill back up again in the North, but it is filling up, and we're excited about that. We are starting power production in Manitowoc as per that. As to that announcement, and we look to have some subsequent orders for that after we produce that. I would say early innings, and I would say we should start to see some orders in 2023 and into 2024 for production in 2024 and 2025. I think we're on an increasing slope as we head into 2025 and 2026. Got it. Maybe sticking with the IRA, obviously, you know, a year in the same boat as everyone else awaiting, even though it's law, awaiting guidance from the treasury. I just wanna be clear, you know, you're awaiting guidance in your. Mm-hmm ... presentation. You talk about, you know, you're assuming no changes to that guidance. I mean, it's fair to say you are assuming some in your EBITDA guide that would come out of the. Correct ... 45X. Okay. That's correct. Yeah. Okay. I mean, I would think it's not, you know, it's not the majority of that number, but it is a factor at least. That is correct. That is correct. We are conservative, but we're following the law and we understand the statute. In accordance with that, we are including some of that in our projections, yes. Understood. maybe just sticking with that, when you think about, you know, that credit, you know, there's also. Mm-hmm ... credits for everyone, basically. I mean, is it still kind of the thought that because you've got credits for towers and blades and then the steel, that this is something that, you know, you potentially are able to keep in full rather than having to share, given that there are credits in all these other areas? We certainly are leaning that way. We think in the out years. I think in the early years, we'll be able to keep more than I think in the out years or maybe some negotiation if there's a project specific site or something that gets more competitive. Our customers may ask us to share some of that, and we'd certainly consider it. In the early years, Eric, we intend to retain that and use it for the purpose it's intended for, which is to do our business. Yep, got it. Okay, I'll take the rest offline. Thanks. Thank you. Thanks, Eric. Our next question comes from Justin Clare with Roth. Please proceed with your question. Yeah. Hey, guys. Thanks for taking my questions here. Hi, Justin. I guess I. Hi. I first wanna ask about utilization for the heavy fabrication segment in 2023. Just based on- Mm-hmm ... your current bookings, do you expect the utilization to be pretty even at 50% throughout the year, or are there gonna be some, you know, is it gonna be a little bit slower as you start up production in the early part of the year? How should we think about that? You know, based on what you're looking at now, what's the potential that we see utilization pick up maybe above that 50% in, let's say, Q3 or Q4 with, you know, additional orders for Manitowoc? Yeah. Since we're talking about utilization in the plant, let me talk about plant specific. In our Abilene plant, again, as I indicated before, the majority of this order will be produced there, but it will be produced in both plants. We've got capacity to sell in our northern plant, Justin. I think that 50% is good to think about across our businesses. Let's keep in mind that in our northern plant, our Wisconsin plant, we also do quite a bit of industrial fabrication work in addition to towers. I think the utilization of that plant would be above 50%. Okay. Got it. You did mention that there will be some negative impact in Q1 from lower margin projects and then start-up costs. Wondering if you could quantify that. You know, what is the potential, you know, full impact of that, you know, relative to, let's say, your 2023 EBITDA guidance? How should we think about the change between, you know, your profitability in Q1 versus Q2? I would say it's radically increasing over each quarter for the year. This low margin order that we took, in retrospect, I'm really glad we took that order. We took that to make sure we had adequate plant capacity, and maintain our labor force in one of our plants, in our Abilene workforce. That order is going to take us into Q1, and we'll finish it in Q1. I would say if you're looking at how to project, I would project modest EBITDA in Q1 and growing through Q2, Q3 and Q4. Got it. Okay. Then finally, I wanted to ask, you know, about the manufacturing credits. Mm-hmm ... at 50% utilization, it seems like you could see a $15 million benefit to your gross profit. Wanted to see if that's roughly what you're baking into your expectations for the year. How should we be expecting the credit to flow through your financials? Like, I'm assuming it's not in revenue, but it will impact gross profit and will impact Adjusted EBITDA. Is that the right way to think about it? Just one other point on that is just, when do you expect to receive cash for the credits, and how much visibility do you have into that? Yeah. I'll take the first portion, then I'll turn it over to Tom for the second portion. With regards to realization of the credits, there's a couple things that we need to consider. A, we're waiting for the IRS guidance. We expect that to come out in the next quarter or two, but I haven't found a statute that requires the IRS to do it by any specific timeframe. Justin. We're being conservative. Yes, if it was exactly mathematically correct from the first part of the year to the end of the year at 50%, I think your math is sound. We are not including that much in our guidance because we're just not sure about it. Justin, I'll address the geography question. In terms of our P&L, we're, you know, through discussions with our auditors, given the lack of guidance right now we're leaning towards it's going to be a contra cost of sale. You'll see it show up in the, you know, the cost of sales area on our P&L. That will impact all of our margin analysis, CM, GM, as well as EBITDA percentage. Again, you know, we're gonna follow best practices and whatever comes out before us if there's, if there's guidance from the accounting firms. In terms of monetization, you know, we're looking at that. You know, absence of any action, we won't monetize these credits till 2024. You know, the statute does call for full transferability of these credits. you know, we are having discussions with, albeit very preliminary, we're having discussions with, various institutions that might, you know, want to broker a deal for, you know, transferring these credits to, you know, a taxpayer who can, you know, take advantage of them right away. Justin, to add a little more to that, as we forecast and put these credits in the guidance, it would be more backloaded towards the latter part of the year where we think we're gonna be more certain. The other couple of things that we need to be mindful of is they are per megawatt, so we're not exactly certain the magnitude of the towers, the capacity of the tower, the rating that we're going to be producing towards the end of this year. That's another reason for conservatism. The 3.4, 3.5 MW tower has a greater credit than a 2.8, as an example. That's the reason for moderation. Right. Okay, great. very helpful. I'll pass it on. Thanks. Thanks, Justin. Our next question comes from Amit Dayal with H.C. Wainwright. Please proceed with your question. Thank you. Good morning, everyone. Morning, Amit. With respect to the, you know, the new tower model startup costs, are these out of the way for you now? Yes. Okay. you know, so any margin pressure from that is now not gonna show up in the next few quarters. Correct. We still have a margin because again, it was a moderate early margin deal, as I mentioned before. The startup costs, the normal startup costs we're incurring Q4. We're past those. Okay. Thank you. you know, with respect to sort of your working capital and cash flow from this $175 million order, do you get any upfront sort of, you know, payments as you begin work, or are these mostly collected once deliveries take place? As you can see from our year-end balance sheet, we've collected a significant amount of deposits, and that primarily relates to this order. You can see we have, we are collecting and we have collected them upfront, and we do expect deposits to become once again, a significant part of our operating working capital, at least when you compare it to where we were in 2022. The balance at year-end 2022 was an anomaly. It's an extremely high balance. We do not expect deposit balance to continue at that level. Nonetheless, they will be significant going forward. Understood. If you're projecting AR balance and cash balances as we produce against this order, we would of course collect the remainder. Yes. Of the balance. Understood. Yeah. Understood. You know, with respect to sort of your capacity situation, you're roughly at, you know, 50% with this new order. Obviously, given where the IRA stands right now, you know, the expectation should be that, you know, your backlog is gonna increase, et cetera, over the next 12 to 18 months. If you get to a point where, you know, your capacity is completely spoken for during that period, what are the next steps or options in front of you in terms of continuing to capture, you know, this opportunity? That's a great question. I will tell you right now, we're in active planning or executing against it to increase our capacity in our southern plant by 10%-15%. That is somewhat limited by available equipment because equipment is out there. Lead times on equipment are out there. There's one answer for you. If we continue to see the strength, we can go beyond that. In Manitowoc, we've got plenty of volume left to sell. We also can expand that facility if needed. There was one point we were doing 20-25 sections a week out of that plant. I think we've got plenty of room to take more orders before we'd even look at expanding in Manitowoc. It is also an option. We have space on that peninsula there to expand as necessary. Our next question comes from. Can I do another? Okay. Sorry. Our next question comes from Martin Malloy with Johnson Rice. Please proceed with your question. Good morning. I wanted to ask you- Hey, Martin. Hi. Wanted to ask you about the competitive landscape out there, and maybe could you just take a moment to talk about capacity in North America, if you've seen any shuttered in the last couple of years during the downturn for wind towers and also maybe the, what the import picture looks like for tower sections into the U.S.? First, just as a reminder, we did win three trade cases. The Wind Turbine Tower Coalition of the United States won three trade cases. Those are still active, and we are defending those. We still think there might be 1,000 or so towers that are coming in, and maybe there's gonna be a new entrant in the market that will pop up because of the demand in the U.S. now because of the IRA Act. We do believe that even with idle facilities potentially coming back online, there's still more demand than there is supply. That bodes well for the participants in the tower market in the U.S. for the several years to come. Great. My second question, I wanted to ask about with respect to the tax credits, the IRA, what are you seeing on the repowering front? And could that benefit you all in repowering the wind projects? Yeah, Martin, that's a hazy answer, but that's a good question. We do participate in repowering. In fact, we do have repowering activities going on in our Northern plant, which we're thankful for. We haven't found yet, the specific language that would allow us to benefit from repowering because the language is set for a full tower, and what how we support repowering would be a portion of a tower or an adapter. We're certainly mindful of that, and we're looking to find ways that could apply, but I haven't found them yet, Martin. Thank you. I'll turn it back. There are no further questions at this time. I would now like to turn the floor back over to Eric Blashford with closing comments. Well, thank you. I appreciate your interest. We are very encouraged in how 2023 looks. We're excited to come back to you after Q1 to talk about our results then. Have a great day, everyone. Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.