Greetings. Welcome to Distribution Solutions Group fourth quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Steven Hooser. You may begin. Good morning, ladies and gentlemen, and welcome to Distribution Solutions Group fourth quarter and full year 2022 earnings call. In conjunction with today's call, we have provided a Q4 earnings presentation that has been posted on the company's IR website at investor.distributionsolutionsgroup.com. Joining me for today's call are Bryan King, DSG's Chief Executive Officer and Chairman, and Ron Knutson, DSG's Executive Vice President and Chief Financial Officer. During the call, they will be providing an update on the business from a operational and a financial perspective. Additionally, Brad Wallace, LKCM Headwater Partner and DSG Advisor, as well as an operating company CEOs, Cesar Lanuza, Russ Frazee, and Bob Connors, will be joining for the Q&A session. Please note that statements on this call and in the press release contain forward-looking statements concerning goals, beliefs, expectations, strategies, plans and future operating results and underlying assumptions that are subject to risk and uncertainties that could cause actual results to differ materially from those described. In addition, statements made during this call are based on the company's views as of today. The company anticipates that future developments may cause those views to change, and we may elect to update forward-looking statements made today, but disclaim any obligation to do so. Management will also refer to non-GAAP measures and reconciliations to the nearest GAAP measures that can be found at the end of the earnings release. The earnings press release issued earlier today is posted on the investor relations section of our website. A copy of the release has also been included in the current report on Form 8-K filed with the SEC. This call is being audio webcast and on the internet via Distribution Solutions Group investor relations page on the company's website. A replay of this teleconference will be available through March 23, 2023. With that, I'll now turn the call over to Bryan King. Bryan. Thank you, Steven. Good morning, everyone. It is a pleasure to be with you today. Distribution Solutions Group delivered exceptional performance in 2022, which we know demonstrates the power of our strategic transformation from a standalone MRO business at Lawson Products to a leading multi-platform specialty distribution solutions company with the scale and leadership to drive sustainable growth. We achieved sales records in 2022, enhanced margins and expanded profitability while reducing our net debt leverage ratio, creating more firepower for reinvestment in the business and M&A. In addition, we attained our adjusted EBITDA margin target during the second half of 2022. Most recently, during the fourth quarter, we delivered strong double-digit organic sales growth that beat expectations, realizing an adjusted EBITDA margin of 10.3% on fewer selling days. In January and February, our business momentum continues. This year I believe our companies will continue to take market share, deliver margin expansion, and generate meaningful free cash flow to support DSG's capital allocation priorities in 2023. Although we are closely monitoring the macroeconomic environment and customer demand, we remain bullish about our business prospects for 2023. Turning to slide 4 in the earnings presentation, I'm pleased to report that full year GAAP revenue for the company totaled $1.15 billion. We generated adjusted EBITDA of $123 million. We believe that our scale and breadth of products and services are competitive advantages in the specialty industrial distribution industry. Although fourth quarter is traditionally impacted by seasonality and fewer sales days, our revenues grew by 42%, which included a strong comparable organic expansion of 17%. While price contributed to this increase, we also realized organic sales wins in 2022 on momentum from growing wallet share, volume increases, and cross-selling among the three businesses. Ron will discuss more on pricing in a few moments. Our teams have identified an increasing number of leads based on cross-selling and the potential for expanded relationships and wallet share expansion for many of our largest strategic customers. We believe that leveraging strong customer relationships set us up for continued strong organic growth in each of our three businesses. In addition, we successfully completed five acquisitions in 2022. These acquisitions produced annualized 2022 revenues of about $204 million and annualized adjusted EBITDA of an incremental $21 million. These acquisitions were acquired for a collective 7.7x EBITDA multiple, and through our internal initiatives, have lifted the contribution of these acquisitions where we have cheapened the multiple into the low 6s based upon 2022 adjusted EBITDA. Between our three dedicated corporate development professionals at the DSG level, our operating teams, and the LKCM Headwater team, we are actively pursuing acquisitions that make DSG a better business and are also keenly focused on successful integrations after we close. In our pursuit of the strategic acquisitions, we not only look for fit within each of our operating companies, but we also seek to find opportunities that have commercial logic for all three business units, bringing them closer together while enhancing each of their organic growth rates and returns on working capital investment. We remain cautiously optimistic in our 2023 outlook and continue to be confident about our ability to manage through cycles for significant value creation. 2023 has had a strong start as the levers we have been pulling are unlocking value. We continue to build out our roadmap for initiatives to create a stronger, more enduring business without losing the advantages of three separate customer-facing efforts and operating teams that manage discrete channels to market. We are committed to continuously refine and improve on what we believe are the best specialty solutions for their end markets. DSG's trade working capital investment at the end of 2022 was approximately $350 million. We understand that prudently managing working capital is one of the best ways to drive return on invested capital and organic growth rate. The teams at all three companies have a heavy focus on working capital intensity for 2023 and will continue to manage customer receivables, vendor payables, and inventory investments, especially as 2023 progresses. We also appreciate that having a properly managed, robust inventory position across our key categories and confidence in our organic growth strategies reinforces our value-added service delivery models. Our commitment and willingness to a disciplined working capital investment framework is good for our vendors and our customers who want us to grow with them. Our principal goal at DSG is to build profitable scale as a specialty distribution network that throws off significant free cash, growth, and demonstrates attractively above-market returns for shareholders. We are confident that is unfolding with what we are seeing transpire inside of these platforms and with the numerous initiatives and shared learnings and resources that our teams have identified and are currently working on that will accelerate returns. Since we only combined these companies at the end of Q1 in 2022, we have not had the benefit of a full cycle of working capital flow through the P&L that captures measurable 12-month returns. We believe we are still in the early innings at DSG of demonstrating this compounding benefit to shareholders and colleagues alike, and are committed to driving significant progress and transparency on these metrics as our platform becomes more seasoned. Before Ron covers the consolidated and operating company financial results, I would like to comment on a few areas of operational focus within each of our three companies. Lawson Products is a leader in the MRO distribution of C-parts, offering vendor-managed inventory services, has realized significant growth with strategic customers and the Kent Automotive division. In 2022, we recognized gross margin improvements through enhanced pricing discipline as well as improved outbound freight recoveries. Lawson is in the early stages of investing in additional sales channels to support our customers, including inside sales, strategic account managers, and web enhancements. Lawson is also investing in lead generation capabilities and CRM tools, all with the goal of helping our sales representatives be more productive and allow us to better serve our customers. During 2023, we will make strategic investments in technology, including new CRM tools, an enhanced ordering platform, and building out our BI capabilities. Cesar and the team are using these investments in technology and lead generation to build on our momentum for 2023. Gexpro Services is a leader in the supply chain solutions of largely C-parts, specializing in VMI programs for high-spec OEM customers. This year, we are expanding kitting and services, as well as launching our pilot e-commerce platform. Bob and his team are actively working on capturing synergies from our five acquisitions closed during 2021 and 2022. Our end markets, Aerospace and Defense has sustained double-digit growth, and industrial power remains strong, helped in large part by the partial recovery in the oil and gas industry. We expect slower growth in transportation due to reduced end customer project spend and moderation from the consumer and industrial vertical due to inflationary interest rates impacting consumer spending. We continue to see the sluggishness of 2022 continuing into 2023 in the renewables vertical as customers await government tax credit guidance for developers onshore and offshore projects. We expect a re-acceleration in this vertical where we continue to consolidate our leadership position. Finally, demand in the technology vertical is likely to remain soft until inventories stabilize. As exhibited in 2022, we were able to more than offset headwinds in certain end markets with growth from a large funnel of new revenue opportunities we are securing from our existing customer base, signing new customers, and focusing on SKU expansion. All growth opportunities that were greatly improved through adding the 5 tuck-in acquisitions and the association with Lawson and TestEquity. TestEquity is a leading industrial technologies distributor of specialized test and measurement equipment and solutions, electronic production supplies, and customized tool kits from leading manufacturing partners. Russ and the team have accelerated their digital migration and consolidated multiple concepts and brands onto the TestEquity web platform. We expect continued strong growth in the TestEquity digital platform in 2023. We've also aligned teams and capabilities across TestEquity and TEquipment to leverage the TEquipment outsource solutions more fully across the company. We believe that synergies between TEquipment and TestEquity in the product and digital sales categories will deliver further margin enhancements and operating leverage. The EPS piece of our business now approximates 35% of our TestEquity revenue. With our acquisitions made in 2022, this is an expanding opportunity for us, where we believe we have identified more ways for strengthening position in this market and improve VMI and digital offerings to enhance organic growth across the broader DSG's commercial growth initiatives. Now, I'd like to turn the call over to Ron to talk through the financials, and I'll be back with some closing comments. Ron? Thank you, Bryan, and good morning, everyone. Turning to slide 5, we're excited this morning to share with you the fourth quarter results of Distribution Solutions Group. Let me remind you that given the reverse merger accounting treatment, Lawson Products is only in the year-to-date GAAP numbers subsequent to the April first, 2022 merger date. All three companies are included for the fourth quarter GAAP results. For ease of comparing the results, the slides that we're utilizing this morning are adjusted for the pre-merger activity of Lawson Products. Let me summarize Q4 results. On a combined basis, we reported strong top line and bottom line results across the three principal operating companies. As Bryan mentioned, we reported total sales growth of 42% with organic sales growth of nearly 17% through both price and volume. In 2022, we closed on 5 acquisitions with an annualized 2022 revenue run rate of $204 million and acquired EBITDA of $21 million. Broadly, the product demand remains strong. However, we are cautious given some of the macroeconomic indicators. Let's talk through some of the numbers on a combined basis. First, consolidated sales for Q4 were $328.9 million. This represents an increase of 155% on a GAAP basis, driven by the inclusion of Lawson Products commencing on April 1st, organic growth of the businesses and acquisitions made by both Gexpro Services and TestEquity in 2021 and 2022. With the inclusion of Lawson from a comparative basis, sales increased 42% or $97.6 million over the fourth quarter of 2021, with approximately $60 million coming from acquisitions and organic growth of 16.7%. Second, reported GAAP operating income was $12.7 million compared to a loss of $1.8 million a year ago quarter. On an adjusted basis, taking into account merger-related costs, stock-based compensation, severance, and other non-recurring items, adjusted EBITDA improved by $16.3 million to $34 million or 10.3% of sales, exceeding our previously stated goal of exiting 2022 at 10%. Third, diluted loss per share was $0.10 for the fourth quarter. However, on an adjusted basis, diluted EPS was $0.25 for the fourth quarter of 2022 versus $0.15 for a year ago quarter. Before I comment on the individual companies, on a year-to-date basis, we feel really good on how our full-year results progressed as the year developed. On an adjusted basis, including Lawson Products for their pre-merger activity, sales increased 35% and adjusted EBITDA grew to $123 million, an increase of $48 million or 64%. Moving on to Slide 6. While Slide 5 included Lawson Products for pre-merger activity and other acquisitions since the date of acquisition, Slide 6 includes the full run rate of all completed acquisitions as of December 31st, as if they were owned for each of the quarters presented. As you can see from this page, our full run rate, inclusive of acquisitions, has seen nice quarter-to-quarter sequential growth reflecting the strong performance at each of the three operating companies. As Bryan mentioned, Q4 is typically our slowest quarter given four fewer selling days than Q3 at Lawson and TestEquity and one fewer selling day at Gexpro Services and lower seasonal customer activity. Turning to slide 8, I'll now comment briefly on each of the 3 individual operating companies. Starting with Lawson, recall that since Lawson is the accounting acquiree, it is not included in the GAAP reported numbers for Q1 2022 or for the comparative GAAP numbers in 2021. However, for the purpose of these slides, we have included the pre-April 1st results. Sales were $108 million for the fourth quarter. Please note that this does not include Bolt Supply as they are now included in the all other reporting segment. Bolt Supply had another great quarter with sales increasing 25% through strong branch performance with adjusted EBITDA of 15.7% to sales. The Lawson segment average daily sales grew 20.3% organically over the fourth quarter of 2021 on an adjusted basis, and average daily sales grew 5.2% sequentially over the third quarter of 2022. The increase over a year ago was driven by strong performance within the strategic business up nearly 25%, Kent Automotive up 20%, the core business up nearly 10%, and government up 40%. During the quarter, unit volume increased approximately 4%, with the remainder being priced in mix. Lawson's growth during the quarter was achieved through increased share of wallet with existing customers and new customer relationships, in particular within strategic and large accounts. Lawson continues to realize improvement in its gross margin percentage, excluding non-recurring items. While customer mix is putting some pressure on the overall percentage, the business realized over 250 basis points of product margin expansion comparing how we entered 2022 versus how we exited the year. Lawson's adjusted EBITDA improved to $11.5 million compared to adjusted EBITDA of $6.8 million a year ago quarter, primarily driven by the sales and gross margin improvements, partially offset by increased compensation and healthcare costs. On a year-to-date basis, Lawson's adjusted EBITDA grew $8.2 million to $38.6 million as compared to $30.4 million in 2021. Turning to Gexpro Services on slide 9. Total sales were $100.1 million for the fourth quarter of 2022, an increase of $33.6 million over Q4 of 2021, of which $26.3 million was driven by acquisitions and $7.3 million from organic growth. In 2021, Gexpro Services closed on the Omni, NEF and SIS transactions. In 2022, Gexpro Services closed on the Resolux transaction early in the year and on Frontier in the first quarter. Excluding the impact of these acquisitions on the fourth quarter, organic sales grew by nearly 12%, of which approximately 5% came from price. This increase in aggregate sales was primarily driven by new customers with the expansion of existing customer relationships. Gexpro Services adjusted EBITDA expanded to $10.8 million or 10.8% of sales as compared to $4.6 million or 6.9% for the year-ago quarter. Acquisitions drove approximately $3.9 of the earnings increase for the quarter. On a year-to-date basis, Gexpro Services adjusted EBITDA grew to $43.2 million, an increase of $19.9 million over 2021. Lastly, I'll turn to TestEquity on slide 10. Sales for the quarter grew $42.7 million or over 68% to $105.4 million. During 2022, TestEquity closed on three acquisitions, TEquipment, National Test Equipment in Q2, and Instrumex in Q4. Of the $42.7 million sales increase for the quarter, approximately $33.9 million was generated from the 2021 and 2022 acquisitions, while organic sales increased 14.5% with approximately 7% coming from price. As we anticipated, sales in the test and measurement business was lumpy in the latter half of 2022 and is expected to continue into the first half of 2023, given some of the continuing supply chain challenges. Customer orders remain strong, and we are able to ship product quickly upon the receipt of the product. However, delivery has been sporadic due to the ongoing supply chain issues. On an adjusted EBITDA basis, the fourth quarter ended at 9.9% of sales or $10.5 million, representing an increase of $5.9 million over a year-ago quarter, of which approximately $3.8 million came from the 2021 and 2022 acquisitions previously mentioned. On a year-to-date basis, TestEquity's adjusted EBITDA improved by $18.6 million to $34.7 million through both organic growth and the acquisitions. Moving on to slides 11 and 12. Since Bryan will discuss our approach to capital allocation in a few moments, I will mostly cover the items on slide 12. From an access to capital, we have approximately $24.6 million of cash and $77 million available under our existing credit facility. Also, as part of our credit facility, we have an additional $200 million accordion feature. We ended the quarter in a net debt leverage ratio of 3.1 times on increasing earnings. During 2022, we realized a nice deleveraging of the company. At the time of the merger, our net debt leverage was 3.6 times. We finished 2022 at 3.1 times, and now early in 2023, we are sub 3. This progress is consistent with our intention to prudently manage our debt levels and our leverage in the 3-4 times range. Net capital expenditures, inclusive of rental equipment, was $4.4 million for the quarter and $11.3 million on a year-to-date basis. Before I turn the call back to Bryan for some closing remarks, I wanted to reemphasize our strong Q4 and year-to-date results as we brought the companies together. The three operating companies are performing extremely well, and we are very pleased with the sequential quarter-to-quarter improvement as 2022 developed. In particular, being able to expand our adjusted EBITDA margins in Q4 despite fewer selling days. All three operating companies have exciting initiatives planned for 2023 that will make us a stronger company on a combined basis. While the fourth quarter was strong and the first couple of months of 2023 are running ahead of our internal plans, we are also paying close attention to the macroeconomic trends in the marketplace, and we will prudently manage our financial position as 2023 develops. I'll now turn the call back over to Bryan. Thank you, Ron. Turning now to slide 13. Our business combination was built to outperform, and we are pleased with our strong performance in 2022 in what remains a complex operating environment. Our fourth quarter efforts resulted in organic and inorganic growth of 42% compared to last year's quarter, and our margin-enhancing efforts have resulted in combined adjusted EBITDA margins of over 10%. All three operating companies performed at or above our expectations last year. Our combined platform has proven scalable, and our high-performing collaborative teams are capitalizing on our unique and diverse channels to market products and solutions. Since the transaction last year, we have fully aligned senior management compensation with shareholders through pay-for-performance plans in 2023. These comp plans link our sales teams to ambitious cross-selling goals for our strategic or large accounts. LKCM Headwater professionals continue to support each operating company and major initiative with additional resources with no management fee, pulling in trusted operating partner relationships and service provider resources that we've used consistently over the last two decades to also help us in other industrial distribution efforts. This analytical and operational support, in collaboration with the talented operating teams, is fully aligned with investors to capture market share, improve financial and operational performance, generate cash, and create long-term shareholder value. In 2023, we are prudently executing against our capital allocation strategy by analyzing the best long-term ways to drive shareholder returns with our collective resources by assessing, one, investment opportunities in our core businesses, two, paying down debt with free cash flow, three, selectively buying back our stock, and four, investing in highly strategic and accretive acquisitions that add economic value, commercial durability, and accelerated organic growth to our platform. We will continue to be disciplined with our capital investments, prioritizing the highest growth opportunities that strengthen our businesses and deliver exceptional returns for our shareholders. Finally, DSG is a leading multi-platform specialty distribution solutions company, providing high-touch value-added distribution solutions for the MRO, OEM, and industrial technologies markets with a combined addressable market of $57 billion. These asset-light businesses offer customers replenishable industrial parts and products, as well as specialized products. We also offer managed solutions for companies that have decided to outsource labor and supplies with secure supply chain management. We believe that our unique solutions-oriented approaches are competitively advantaged and resiliently compelling to customers, colleagues, and manufacturers alike. Thank you for your time today. Now we would like to open up the line for investor questions. Operator? Certainly. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate 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 while we poll for questions. Your first question for today is coming from Ken Newman at KeyBanc. Hey, good morning, guys. Morning, Ken. Morning, Ken. Morning. For my first question, sorry if I missed this, Ron, but did you quantify how demand has trended in January and February, just both on a consolidated basis and across the segments? Yeah, Ken, we did not give specific numbers other than just indicating that it's outperforming our internal plans. You know, I would just say that, you know, the growth that we saw in Q4 really continued into January and February. You know, we've not identified specifically, you know, a percentage in terms of the increase over the prior year in the first couple of months. I will say, I think across all three companies, we feel really good about the start that we've had here in the first 8 weeks of the year. You know, we're excited to jump off to a really strong start here for the year. Got it. I guess the next question kind of piggybacking, you know, piggyback off of that is maybe just a little bit of color on what customer conversations are like across the three businesses. I'm curious, are customers coming to you with higher inventory needs, or are they destocking within, you know, the Lawson business? Where are you seeing customer backlogs growing across the other two businesses? Any color there would be helpful. Yeah. I can, Ron? Yeah. You want to start on that. Sure. Yep. Let me jump into that and we may pull Russ and Bob and Cesar into commenting as well. You know, from an overall customer perspective, you know, I would say generally speaking across the 3 companies, we've not necessarily seen a destocking taking place. I would say that, you know, within all 3 businesses, again, we feel good about the start of the year. I would say that, you know, from a pricing perspective, we're probably feeling a little bit of pushback on some of our larger customers. Generally, I would say overall from a DSG perspective, those conversations are still going very well. All 3 companies are seeing some vendor cost increases continue to come through. We've been, I would say, very successful in being able to manage through that, both in 2022 and here early in 2023. I don't know if Russ or Bob or Cesar wanna jump in relative to any customer feedback around stocking levels, but I'll open it up to them. You know, one of you guys jump in on it. It's a little bit different between our short cycle and our long cycle business. Cesar, why don't you talk about short cycle for a minute? 'Cause, t hen Bob or Russ can talk about long cycle. Sure, Bryan. Hi, Ken. This is Cesar speaking. When we go across the different segments that we serve, and as you know, we do manage about a little bit over 80,000 customers, different size, different market segments. We continue to see the need to fill up the bins and the cabinets and their inventories to keep their lights and parts moving around. Like Bryan said, I mean, this is a short cycle business, and we're not so far within the first eight weeks of the year. We continue to see the same momentum that we saw from a fourth quarter, and we continue to be cautiously optimistic about the investments that we're doing and growing the business both within our current customer base and also capturing new customers. Like I said, I mean, we continue to see, within the short cycle, you know, customers requiring our products. As you know this, through our vendor-managed inventory, which is over the big chunk of our revenue, basically, we become an extension of our customers in this tight labor market. We, you know, we're there for them every day. Said another way, we're seeing and feeling still volume, some volume growth there. Not seeing destocking at all in the short cycle. Bob, why don't you, the longest of the long cycle. Russ is in between the two. On the OEM front. What I'd tell you is- Bob, Can we hear you? Sorry, guys. There we go. There you go. Ken, I'd go back to 2022- Bob's in an Admirals Club. We've got him. Yeah. He's the one guy who's a little bit away from us. Thank you, Bob, though. I would say that in 2022, we saw 5 or 6 verticals growing double-digit with renewables lagging, and then 5 of 5 acquisitions growing double-digits. We still have tailwinds coming over into 2023. I would say that we're starting to see a pickup in backlog with renewables. We're seeing more and more customers are looking for supplier rationalizations, and they're looking for us to expand the product line and capabilities to better support the growth, for instance, in renewables. A&D's been very strong, and it's continuing to build and grow. Industrial power is back strong for us. Our largest verticals, industrial power and renewables, are starting to show some promising tailwinds. you know, we'll navigate through any headwinds that come with a slowdown in transportation and C&I and technology, as Bryan communicated earlier. Russ, why don't you give us an update on where you are? I can comment briefly. This is Russ with TestEquity. Our short cycle business continues to perform as it did last year. We still see growth in our VMI business. The longer cycle capital expenditures are still there. Those budgets from our customers, they the cycle was a little bit longer getting those approved this year, but we still see that business there. Perfect. That's really good color across everybody. I appreciate that. Maybe one more before I pass it on. Bryan, you talked about prudent capital allocation and disciplined M&A amid the heightened macro uncertainty. That said, you're still at the bottom of your target in net leverage range. I just wanna clarify, should we take those comments to mean that M&A is still the highest priority for capital allocation? If so, just maybe provide some color on how active the pipeline is today in terms of deal sizes and multiples and, you know, whether you see higher rates materially impacting your ability to close deals this year. Yeah. I'll. I appreciate that question and I know it's probably on everybody's mind. We are at the lower end of our target range. The team that we've got working on opportunities, you know, I'd say that, you know, when we allocate the and I frame up the capital allocation objectives that we've got and how we're looking at it, you know, there's no doubt about it, we view investing in our organic growth opportunities as our top priority. It's got the most amplified impact to shareholder value creation. Having said that, you know, when we look at our M&A opportunities, we're being very selective, and we do have a very strong, robust pipeline right now that we're working through. Some things that we thought we might be able to pull to the table at the end of last year, we didn't get done by the end of the year. We're still working through trying to make sure that they're the right fits. They have to, for me, not only have significant financial accretion to compete with the, with the financial accretion we would expect on the organic side or other capital allocation opportunities like buying back shares or paying down debt, but it also has to have strong commercial logic. That's one of the frameworks that we really push hard on with both our M&A team and our three management team leads on each of the verticals. If they're bringing something to the table, we wanna see it be super accretive to Bob's Gexpro Services business, for instance. We wanna see there be an opportunity to drive his organic growth rate higher. We also want to use a lens that's constructive around what is this gonna do for Cesar and Russ. What we have found is that the areas that we're most focused on right now are largely ones, certainly on the larger end, ones that are gonna significantly enhance the long-term organic growth rate and what we think is the ability to accelerate shareholder value creation for the platforms. There are things that we're working on actively that I would expect that we're gonna have some success here in the first half of the year of being able to announce some real accretive moves for the platform. We're excited. The teams are demonstrating that the value of the platform and the initiatives that we've got to unlock value is real. It gives us even more confidence in our ability to add to that narrative very selectively with some things that we had targeted long before we brought the businesses together. Interestingly, the several things that we're working on right now were objectives of ours several years ago, that if we were able to consummate the DSG platform, that there would be some very key assets out there that we would be able to rope in. We're close to getting them roped. That's solid color. I appreciate that help. We would not have been able to rope them. We would have been fired up about owning them at Headwater for sure, but they are far more valuable to the combination of DSG. Once again, if there are any questions or comments, please press star one on your telephone keypad. Your next question for today is coming from Kevin Steinke at Barrington Research. Good morning, everyone. Morning, Kevin. Morning, Kevin. I wanted to start off by asking about the sequential strength in adjusted EBITDA margin that you saw, you know, particularly in the Lawson in the TestEquity businesses. You had nice sequential increases in margin despite the 4 fewer selling days in those businesses, as you called out. Any thoughts on what enabled those businesses or the company overall to achieve that nice sequential margin expansion? Was there anything kind of one time in there or what would you maybe kind of attribute that to? Yeah, Kevin, this is Ron, so I'll jump in on that. I would say no real one-time items. I think it really was just a continuation of the growth that we saw throughout 2022. You know, all three companies are certainly managing operating expenses closely. We're seeing certainly some lifts from the acquisitions that were made earlier in the year as well as 2021. Then also, you know, a keen focus on margin percentage, you know, commercial margin and product margin. No, I really wouldn't say. I mean, we are very pleased with the 10.3% that we posted for the fourth quarter, but not really any one-time items in there that were a benefit. Great. Well, it just sounds like, you know, really solid operating performance then. Okay. I, you know, I also wanted to ask about your organic growth drivers for the long term. You mentioned continued increases in wallet share and increase in cross-sell leads. Maybe just give us a little bit more color or any metrics around where you see the cross-selling coming from or wallet share expansion coming from, or initiatives that you're working on to really ramp up those growth drivers. Kevin, I mean, just to touch on it first, then we'll pass it off to the rest of the team. You know, when we were on a quarterly call, I think the last quarterly call, maybe, we alluded to the fact that we'd had a kind of a consolidated initiatives forum in Chicago in August, where we got a number of the, you know, sales leadership of each of the businesses and our operations kind of team that was working through synergies and both commercial synergies as well as cost savings. All that's continuing to unfold and accelerate as we've continued to, you know, expand engagement between the businesses. As we've expanded engagement between the businesses, and I went to Bob's sales leadership forum. He had 120 people. We all three of Russ, Cesar, and myself joined Bob in kind of an open forum to talk to all those 120 sellers and kind of lead folks for Gexpro Services. Where they are today and their momentum and enthusiasm for how to work together collaboratively and the way that we're rewarding people inside of the organization for uncovering ways to accelerate organic opportunities is exciting. It seemed you could feel the energy level amongst the colleagues there. The number of specific leads that we have that we're working right now is twice the number that we had at this time 3 months ago when we were on the last call. When we alluded to, you know, 80 or 100 leads that we thought that we had where different companies could pull one of the other platforms through, that's expanded significantly. It's doubled or more, and we expect that to continue. The longer lead time or longer selling cycles are real, but they're bigger dollars. Like if you think about a Gexpro Services and the relationships where they're embedded in a customer, you know, those customers are eager for some of the capabilities of Lawson or TestEquity. The lead times to on those large customers are often longer. We're getting more SKU congruence, certainly across our digital efforts. I know that Russ's team has added a whole lot of product into our digital effort, of SKUs that we are stocking. That's driving some organic growth that we're enjoying. There's a. Then we're looking at ways to continue to, you know, I used the analogy when we first put the businesses together that we have three legs of the stool, and what we believe is that a lot of these accretive tuck-in acquisitions have elements of looking more like a brace between the legs. We're continuing to try and think about ways to tighten up the engagements between the different legs of the stool without in any way compromising the energy and the momentum that each of the businesses are enjoying individually or the way that they're serving their customers historically and currently. We don't wanna distract them, but we do wanna add to their sales funnel. Anybody else wanna add color to that? Yeah, Bryan, what I would say is a couple things. First, the collaboration in terms of the cross-selling between Gexpro Services, Lawson, and TestEquity, it's really starting to gain momentum. We track the business development pipeline that's evolving and expanding on a, you know, weekly basis to see where we need to add resources and support to help close opportunities. The receptiveness of customers has been the most impressive. In Gexpro Services, we do very well at supply chain management and solutions. When we hear customers, they want us to expand into MRO, and they want us to expand further into, you know, adding the T&M product line. It's just easier to plug and play rather than to build it individually. The receptiveness from customers has been very good. I'm beyond impressed with the success that we've had building our pipeline in Gexpro Services, not just with DSG, but with our acquisitions. We recently won a large renewable order with an OEM that really the platform of having four businesses together allowed us to win the project because we had domestic manufacturing capabilities as well as a diversified supply chain providing electrical, mechanicals, and hardware. We're really excited with the momentum that we're seeing with our businesses. All right. Great. Well, that's all very helpful color. I appreciate that. I did wanna ask, Ron, I don't know, did you call out the percentage of contribution to the organic growth in the quarter from Price on a consolidated basis? Yeah. Yeah, on an all-in basis, Kevin, we were, you know, our organic growth increased 16.7% for the quarter. If you look across the three companies, price, Lawson was about 4%, Gexpro Services about 5%, and TestEquity closer to 7%. You know, about 5% of the call at 17% was price related, with the remaining 12% being volume and mix. All right. That's great. I mean, that actually, That contribution from price is, I think, down a bit from the last couple of quarters, you know, implying some, maybe some increase in volume growth. You know, it sounded like you, maybe implemented some more price increases early in 2023, but I assume maybe not at the same level, as we saw in 2022. Yeah, I think that, I think that's a fair comment. You know, certainly, you know, 2023 also gets a little bit of the benefit from the carryover from actions taken in 2022. A little bit different within the three organizations. But, you know, we're still getting some lift, based upon the actions in 2022. I would say, specifically within Lawson, we did have an action here at the beginning of the year as well. Okay. Is there any specific point, is it, you know, where we start to, in 2023, lap the larger price increases and, you know, that we should think about that as being, you know, a bit of a headwind, or is that not really something that you're factoring into your thinking in terms of the growth outlook? Yeah, I would say, I don't know that I wouldn't say that there's any specific time in terms of just a specific date that we're gonna come up against a hard relapse. You know, the actions that were taken throughout 2022 were, you know, really throughout the entire year. You know, we've not drawn a line in the sand and said, "Hey, you know, Q2 is gonna be a lot harder just because we're up against some of these other actions." You know, I think all three companies were very proactive throughout 2022 in managing those overall margins. You know, I mean, we're not really factoring that in terms of a hard date that we'll be up against some really tough numbers. Certainly, you know, we're still managing that very close here in 2023 as well. It's not something that, you know, we've got through 2022 and we're putting to the side. I mean, we're you know, we're proactively managing those overall margins in 2023 as well. Yeah, go ahead, please. Yeah, I would just add that there's real pricing discipline, efforts that are still ongoing beyond just inflation. There's the inflationary lens and trying to get, you know, make sure that we're capturing any costs increase that we're feeling, not just on product, but across the organization. There's also pricing discipline opportunities where we had incongruence, either in acquisitions that we acquired or in our own legacy engagements with customers, some of which were on contracts and some of which were more just dynamic, dynamically priced, but where we'd maybe not kept up with what was the appropriate pricing strategy around the service levels that we're offering in the marketplace. There's, you know, we're, we continue to have very constructive efforts around continuing to capture some additional margin. I wouldn't say that we can separate. We've got some price increases. Those price increases are largely reflective of either where we think our value is relative to our peers in the marketplace and the costs coming through our supply chain and any internal operating expense cost structure creep that we've seen with inflation. You've got a second issue that we knew that we had as an opportunity in front of us when we had, you know, kind of got under the hood on the businesses and started working with them together, was just absolutely making sure that we've got strong pricing discipline, which has been a hallmark of how we've, at least at LKCM Headwater, have thought about, you know, expanding and lifting margins over time. I'm really proud of the efforts. Not all of them are easy, as you can imagine. I mean, for some of the conversations, particularly around different customer verticals and long cycle engagements, trying to talk about pricing when you're under, you know, when you're trying to work through contracts and where there's a lot of leverage, or maybe leverage is the wrong word, a lot of strength that your customer has in the marketplace because they're, you know, they're savvy and they're big customers. The conversations have been exceptionally constructive. The receptivity of even the large customers has been very good. Okay, that's great to hear. That's all I had. I'll turn it back over. Thanks for taking the questions. Thanks, Kevin. Your next question for today is a follow-up question coming from Ken Newman. Ken, your line is live. Hey, thanks for squeezing me in for just one quick follow-up. Bryan, you know, a year ago, we talked about getting above that 10% EBITDA margin run rate, which obviously you did here at the end of 2022. I think we also talked about targeting 20%-25% EBITDA flow through for the combined businesses. That's obviously been a bit lower this year just given the moving pieces on the macro. Curious, I mean, do you think you can get back to that operating leverage target this year, or is it still too tough just given all the volatility in the operating environment? It's a great question, I thought where you were going was not only the operating leverage or flow through, but ultimately, where do we think we're heading on EBITDA margin. I think that as well. I know that's where we're all headed. I would say that it's different for each of the businesses, as we can see. Right now we're still working through so many different value unlocking. You know, we've got a lot of initiatives going on right now. A lot of initiatives that we see as real opportunities not only to grow top line, wallet share, market share, but some of those initiatives require absolutely investing in the business today. While I have a lot of confidence that in what we're doing is gonna flow through, it's gonna create some noisiness in terms of contribution margin, the way you and I might think about it in a static environment. Because we're definitely committed to unlocking some additional longer term structural margin opportunity across the platforms. If that drags our operating leverage down a little bit on our expected revenue lift this year and some of the revenue lift we wouldn't get if it wasn't for these initiatives, then it creates some noisiness. The Lawson, for instance, is just very different right now. First of all, Lawson is where we're investing a lot. To be clear, Lawson has been the largest contributor to the highest amount of operating leverage that we've got in the platform. Almost every lens that we use, every— on all of our conversations. Even when, you know, Bob is looking at a way to make an acquisition that's gonna really improve, you know, a vertical position that he's got, or, you know, his competitive position in a vertical marketplace, you know, we're also asking, "Okay, what does that do to the operating, or what does that do to the organic growth rate of Lawson, and how much contribution might drop or operating leverage might we get in the Lawson vertical?" You know, using a historic framework on Lawson and having been a shareholder now for a decade, or longer, and been the largest customer of Lawson even before that, you know, I knew and we all knew what a gem Lawson was, but we also knew what a challenge Lawson had been to get organic growth or inorganic growth moving. The great news is that we're getting that. We're getting that in some ways helped by the other two verticals. Much of what we're focused on today is not only continuing to drive that, but now it's given us some real momentum to with Cesar's leadership, to really go in and look at ways to invest in even more opportunities for growth or giving our sales force even more, you know, tools, to give them more bandwidth so that we can get more operating leverage off of them longer term, and they'll be able to make more money. There, there's some really exciting things, but I think it's noisy on the operating leverage side, particularly as it relates to Lawson. I think we'll have a lot of contribution margin out of Lawson this year. I do think that some of that we're gonna put back into operating expenses, so the operating leverage there is not gonna be quite what, you know, the 40% that, you know, we, at times enjoyed when there was an investment going back into, trying to drive the organic growth rate higher. Yeah. Bryan, I would just add on that the, Ken, when we look at the growth of the adjusted EBITDA from a year ago quarter, you know, about $8.6 million of that growth of the, call it, you know, almost $17 million was organic growth. As you carve out the incremental sales from the acquisitions versus the organic sales, I mean, we still, on a consolidated basis, saw operating leverage flow through at about 23%. I think we've kind of guided to, you know, between 20% and 25%. We still, you know, even with some of the investments that Bryan referenced, you know, that all three companies are making, you know, we fell kind of right in the middle of where we've, where we've guided, that operating leverage to be on a consolidated basis. Got it. Very helpful. Thanks, guys. Yep. Yeah, absolutely. Thanks for the question. We have reached the end of the question and answer session. I will now turn the call over to Bryan for closing remarks. Thank you. appreciate our questions today. We appreciate the interest in DSG. absolutely appreciate the leadership of our management team and all of our colleagues out in the field. we've enjoyed a great first nine months together, and now it's 11 months. The momentum continues to offer us a lot of confidence and enthusiasm around bringing these businesses together and the opportunities that we are more discreetly able to see and to, and to, and to try and tackle in front of us that we think is gonna not only enhance our existing strengths in the marketplace, but also give us a stronger platform for growth and enhance shareholder value. With that, thank you very much, and we look forward to any follow-up conversations or calls. Please, reach out to us. We're absolutely eager to engage, but we got our heads down and we're all aligned as shareholders along with you all, and look forward to continuing to be your partner. Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.