Greetings, welcome to the inTEST Corporation Q4 2022 financial results. At this time, all participants are in listen-only mode. A 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. I would now like to turn the conference over to your host, Shawn Southard, Investor Relations for inTEST Corporation. Thank you. You may begin. Thank you. Good morning, everyone. We appreciate you joining the call today and your interest in inTEST Corporation. Here with me are Nick Grant, our President and CEO, and Duncan Gilmour, our Chief Financial Officer and Treasurer. You should have a copy of the Q4 2022 financial results, which we released earlier this morning. If not, you can access the release as well as the slides that will accompany our conversation on our website at ir.intest.com. After our presentation, we will open the lines for Q&A. If you turn to slide two, I'll review the safe harbor statement. You should be aware that we may make some forward-looking statements during the formal discussions as well as during the Q&A session. These statements apply to future events that are subject to risks and uncertainties, as well as other factors that could cause actual results to differ materially from what is stated here today. These risks and uncertainties and other factors are provided in the earnings release as well as in other documents filed by the company with the Securities and Exchange Commission. These documents can be found on our website or at sec.gov. During today's call, we will also discuss some non-GAAP financial measures. We believe these will be useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliation of non-GAAP measures with comparable GAAP measures in the tables that accompany today's release and slides. With that, please turn to slide three, and I'll turn it over to Nick to begin. Nick. Thank you, Shawn, and good morning, everyone. Thanks for joining us for our Q4 2022 earnings call. I plan to provide some high-level remarks for you, then I'll hand it off to Duncan to speak to the specific results of the quarter and full year. Once he's finished, he'll hand it back to me to speak to our orders and backlog and our expectations and goals for 2023 and beyond. We'll take your questions, and I'll wrap up with a few closing remarks. Let me start by saying I'm extremely pleased with the results we were able to achieve in 2022. I want to acknowledge the outstanding efforts of our employees across the globe. Solid execution of our 5-Point Strategy by our results-driven team delivered record performance in 2022, including orders, backlog, and revenue. Revenue and orders for the quarter and the year were also in line with our previously announced preliminary results. Our Q4 revenue surpassed $32 million, up 45%, and our full year revenue was approximately $117 million, up 38% versus the prior year. These results include a full year of the impact of the acquisitions we made in 2021 and integrated in 2022, including North Sciences, formerly Z-Sciences, and Videology, both acquired in October 2021, and Acculogic, which was acquired in December 2021. Going forward, these operations will be fully accounted for as part of our organic revenue. Our organic revenue grew a very healthy 28% in the Q4 and 17% for the full year. Q4 orders of $31 million increased 3%, while our full year 2022 orders of $130 million increased 27% versus the prior year, with strong demand in semiconductor, automotive, including electric vehicles or EVs, defense aerospace, and life sciences. Additionally, our backlog at the end of the Q4 remained strong at $47 million. By expanding our addressable markets, building out our sales channels, building our talent and staffing, and driving innovation with new products, we've successfully expanded our geographic reach, widened our customer base, and grew our target market offerings and positions. Further demonstrating the success of our strategy, we integrated the three acquisitions that added new technologies and deepened our presence in our target markets. Our goal with the 5-Point Strategy is to accelerate growth while diversifying the business. To remind everyone, the elements of our strategy are global and market expansion, innovation and differentiation, service and support, talent and culture, and strategic acquisitions and partnerships. As a result of the investments and focus we've made in these areas to expand our customer base and increase channel partners, we were able to capture organic revenue growth across all markets last year. This growth was fueled both by end market demand for our highly engineered technology solutions as well as the impact of the acquisitions. With that, let me turn it over to Duncan to review the financials in more detail. Duncan, over to you. Thank you, Nick. Starting on slide four, revenue for the Q4 2022 was $32.4 million, up 45% or $10 million versus the same period last year and at the top end of our guidance range of $30 million-$32 million. This revenue growth of $10 million comprised $3.7 million of acquired revenue and $6.3 million of organic revenue, representing 28% year-over-year organic revenue growth. Independent of organic or acquired inorganic categories, we experienced strong demand across our offerings, contributing to growth in all our target markets. Silicon carbide growth applications, along with test solutions for analog and mixed-signal applications, drove semi sales to $19.5 million, up 58% year-over-year. Demand for both our existing and acquired technologies grew in the defense aero market, while our acquisitions were the main contributor to growth in the security, auto EV, and life sciences markets. This broadening contribution is indicative of the company's strategy to diversify and expand revenue with new customers and from new markets. Moving to slide five, gross margin of 46.2% in the quarter was very similar to the prior year Q4 period. Compared with the trailing quarter, gross margin improved 100 basis points, reflecting higher volume and beneficial shifts in product mix. Supply chain and logistics challenges are abating somewhat or more realistically, are becoming a normalized part of our business. Our teams have continued to adapt admirably through these challenging times. As you can see on slide six, our operating expenses were relatively consistent with our trailing Q3 and down 110 basis points as a percentage of revenue, driven by operating leverage as the business scales. As a percentage of revenue, operating expenses declined more than 1,000 basis points from the prior year period. Note that last year's Q4 included $1.3 million in transaction costs related to acquisitions and financing. The $0.9 million total increase over the prior year period includes the incremental operating expenses from acquired businesses, which added approximately $1.9 million. We also invested in sales and marketing and engineering as we executed on our strategy to drive growth. Pre-tax intangible asset amortization was down $43,000 from the Q3. Turning to slide seven, you can see our bottom line and adjusted EBITDA results. We had net earnings of $3.2 million on $0.30 diluted share for the Q4. On an adjusted basis, non-GAAP EPS was $0.34 per share, compared with $0.28 per share in the Q3. Adjusted EPS reflects adding back tax affected acquired intangible amortization. On an after-tax basis, acquired intangible amortization amounted to $463,000 in the Q4. We expect after-tax intangible amortization for the Q1 to decline slightly to approximately $450,000. Adjusted EBITDA, which excludes stock-based compensation, was $5.3 million, a nice improvement over both the prior year and trailing quarters. Slide 8 shows our capital structure and cash flow. After the $25 million increase in our term loan facility at the end of Q3, we ended the year with $30 million available under this facility. We also have the full $10 million available under our working capital revolver. We believe we are effectively leveraging the balance sheet to achieve our goals and have the financial flexibility to continue executing on our 5-Point Strategy for growth. We continue to balance that with our objective to maintain a total debt to adjusted EBITDA ratio under 2.5x. As you can see on the slide, our current leverage ratio is just 1x, giving us considerable flexibility to continue to pursue our acquisition strategy. Our cash and equivalents at the end of the Q4 were $13.4 million. We also have $1.1 million in restricted cash related to a prepayment on a customer order. As we did in the prior two quarters, we repaid $1 million of debt, bringing it down to $16.1 million. Note that repayment of debt does not increase funding available under the terms of our term loan facility. While for the year we used cash from operations to fund both growth and build inventory to address supply chain shortages, we have in the last two quarters been converting more earnings to cash and generated $2.3 million in cash from operations in the Q4 and $3.7 million in the H2 of 2022. We expect we will continue to generate positive cash flow from operations. Capital expenditures during the year were $1.4 million, up from about $1 million in 2021. Our CapEx requirements continue to be planned at about 1%-2% of revenue. With that, if you will turn to slide 9. I will now turn the call back over to Nick. Thanks, Duncan. As previously mentioned, our Q4 orders were $31 million, an increase 3% versus the prior year. This reflected increases across all end markets except in semi. Our orders to the semi market declined $6.6 million compared with last year's Q4. I'll remind you that last year's Q4 benefited from a record approximately $10 million order for our induction heating solutions serving silicon carbide crystal growth. Sequentially, our orders declined 4%, driven by the timing of orders for semi and automotive EV markets. This was partially offset by increased orders for the life sciences, security, and other markets. Our backlog at the end of the year was approximately $47 million, up 37% versus the prior year. Our backlog declined sequentially about 2% as supply chain constraints moderated, enabling us to increase shipments to better meet customer demand. Approximately 45% of the backlog is expected to ship beyond the Q1 of 2023. I'd like to speak to our outlook for the Q1 of 2023 and our full year 2023 expectations on slide 10. As we enter 2023, we're excited about where we're headed. While the quarterly cadence of orders may be a bit lumpy, we are confident that we can achieve our revenue target, which represents high single-digit organic growth. In fact, this is despite the variability that we expect in our back-end semi market. Encouragingly, our customers in this space are indicating they continue to see positive secular growth trends over the long term. In addition, we continue to pursue strategic acquisitions and partnerships to expand our portfolio and better serve our target markets. We expect revenue for the Q1 of 2023 to be in the range of $30 million-$32 million, with a gross margin of approximately 45%. Q1 operating expenses, including amortization, should run between $11.1 million and $11.3 million. Intangible asset amortization is expected to be approximately $540,000 pre-tax, or $450,000 after tax. Given loan balances and current rates, our interest expense should be approximately $190,000 for the quarter. We anticipate Q1 2023 EPS to be in the range of $0.21-$0.26, while adjusted EPS should be in the range of $0.25-$0.30. As a reminder, we simply adjust for tax-affected amortization expense. We expect our high single-digit growth this year to be driven by strong demand across nearly all technology offerings and end markets. Customers' demand for our products in the automotive EV, defense aerospace, and life sciences industries has been strengthening, where we have broadened our exposure through acquisitions. Demand for our front-end semi applications around silicon carbide crystal growth remains robust. We do expect our back-end semi to moderate in the H2 of the year. Revenue for the full year of 2023 is expected to range from $125 million-$130 million. This does not include the potential impact from any additional acquisitions we may make. Our gross margin in 2023 is expected to be consistent with 2022 or about 45%-46%. Operating expenses should be in the range of $44 million-$46 million. This includes intangible asset amortization expense of approximately $2.1 million for the full year. This translates to a tax-adjusted amortization expense of approximately $1.7 million for determining adjusted earnings. Our effective tax rate is expected to be similar to 2022 or approximately 16%-17%. As Duncan mentioned, our capital expenditures for 2023 are expected to continue to run between 1%-2% of sales. Slide 11 highlights our revenue growth goals for 2025 that were outlined during our 2022 Investor Day. This demonstrates the success we are having against our plan. Based on our 2023 revenue expectations of $125 million-$130 million, we will have grown the company at a greater than 30% CAGR since we implemented our 5-Point Strategy. We expect to continue to drive single high digit organic growth coupled with strategic acquisitions, enabling us to achieve our 2025 goal of between $200 million-$250 million in revenue. This includes targets for additional acquisitions we may make in between now and then. Acquisitions are an important element of our long-term strategy. We have an active pipeline of opportunities, and we have the flexibility with our capital structure that we believe will allow us to execute on our plan. If you'll turn to slide 12, given our expectations for top-line growth, we believe we can drive meaningful earnings and cash generation as we scale. We believe our plan positions us to deliver divisional operating income of $40+ million, adjusted EBITDA of approximately $30+ million, and improve our earnings power to approximately $20+ million, all by 2025. Let me sum up on slide 13. As I have noted, our 5-Point Strategy is delivering results for our shareholders. Our engineered solutions that enable our customers to improve productivity or create more effective solutions themselves are in high demand. Our growing sales force is reaching more prospects, and our new organization structure with the three technology-focused business segments has driven greater collaboration across the company. This, in turn, creates even more opportunities for growth. We believe we are unlocking the potential of inTEST through our 5-Point Strategy by driving discipline, accountability, and process improvements throughout the company. These are certainly exciting times for us. With that, operator, let's open the lines for questions. Thank you. If you'd 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'd 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. We ask that you each keep to one question and one follow-up. Thank you. Our first question comes from the line of Jaeson Schmidt with Lake Street Capital Markets. Please proceed with your question. Hey, guys. Thanks for taking my questions, and congrats on a strong finish to the year and really strong outlook. I, you know, I know in your prepared remarks, you mentioned that you expect growth across all your segments. Just curious, if you could just let us know what end market you feel most confident on. I guess relatedly, which end market do you think is the biggest risk? Yeah. Hi, Jaeson, thanks for the comments there, really pleased with the results last year. The, you know, we do anticipate our technology divisions will drive growth in 2023 here. You know, different product platforms serving different markets, you know, with our innovation should continue to create demand on that. As for which segments, you know, we believe the automotive EV will be a nice segment for us. Just a reminder that that does not include our silicon carbide crystal growth solutions. Those are in our semi segments. We do believe front-end semi will be strong again in 2023 here. Our life science applications should also continue to grow. We're pretty excited. We believe we've got the right target markets we're going after. We've got the right products and, yeah, we have the right teams in place. Okay, that's helpful. Then just as a follow-up, your comments on the semi market or expectation for the semi market to moderate in the H2, I was just curious if that is sort of what your customers are telling you that they will need sort of this digestion period, or if you guys are just kind of being a bit more conservative, just given the momentum you expect here in the H1? No, I think it's more of the latter there that just we want to, you know, we're working closely with our customers. As for timing on when these CapEx projects actually get funded, out there, you know, is still a bit unknown and whether they slip a little quarter or two or what have you. You know, we don't want to throw something out there that we're not confident we can achieve. Okay, that makes sense. Thanks a lot, guys. Great. Thanks, Jaeson. Thank you. Our next question comes from the line of Ted Jackson with Northland Securities. Please proceed with your question. Thank you very much. Again, I'd reiterate, congratulations on the quarter and the year. I'd have two questions for you, and the first one you've actually really done a nice job in kind of highlighting already. You know, you do break out revenue across seven different verticals, and I just kind of wanted to get a description and, you know, maybe out of the verticals that you haven't talked about as much, but what's really the growth drivers for them? Maybe we could talk a little bit, you know, about defense and, I mean, you've hit the semi and auto EV pretty well. You know, what's if you looked at it, what's the key macro driver in each of them, and then what particular product benefits from that? My second question, just wanted to touch on the M&A strategy. It's a pretty important part of your growth. You're clearly, you know, looking around. Can you put a little color around, you know, what type of activity is going on there, how full the pipeline is, and, you know, kind of the markets or the segments within your business that you're looking to grow through that? Thanks. Sure. Thanks, Ted, and I appreciate the questions there. Relative to the market segments, you know, we've kinda touched a little bit on the semi. We believe front-end semi will continue to drive nice demand for us in 2023 and beyond. Back-end semi, we have kind of indicated we saw, you know, from 2021 historical highs in 2022, a little bit of moderation. We are forecasting that to continue in 2023 here. Our front-end semi should still more than offset that back-end moderation that we believe semi will grow overall. As we look at auto EV, the applications for our battery test solutions, we continue to drive more innovation there, in, with the products and create, we believe will be creating some nice demand this year. We also are seeing some good demand for our chillers for a number of the traditional players in the auto EV space there. Shifting to life sciences, we continue to make good progress penetrating this space with really two acquired businesses that we did, our North Sciences, which was our Z-Sciences acquisition. This is the Ultra-Low Temperature Freezers and refrigerators out there serving the medical cold chain space. We are gaining traction in that market and believe that'll be a nice growth engine for us this year. Likewise, the innovation we're driving with our new camera over in Videology, the SCAiLX product that was launched in Q4 there and really ramping up to be formally in production here at the end of Q1. It has some nice benefits for some applications in that life science space. We think that'll be a good demand generator. Defense aero, a market that was slow at the end of 2021, and the first part of 2022 really started seeing some nice demand pick back up in the H2 of 2022, and we expect that will continue here in 2023. Second part, sorry, second part of your question on the M&A front. Yeah, our teams remain very active on M&A. As we've commented in the past, the business or the approach we take is really more of a bottoms up, where each of the three technology divisions are driving pursuits and targeting companies and trying to build the right relationships to get them to see the benefits of being part of inTEST. You know, that activity continues. You know, as for timing, it really comes down to when you got agreed upon seller price, and due diligence has been fully vetted. you know, that's really up in the air, but we stay very active in that front and it will remain a key part of our core growth strategies going forward. Well, thanks very much. Again, good quarter and, you know, really nice detailed answer. I really appreciate it. Bye-bye. Sure. Sure, Ted. Thanks for the question. Thank you. Ladies and gentlemen, as a reminder, if you'd like to join the question queue, please press star one on your telephone keypad. Our next question comes from line of Peter Wright with Intro-Act. Please proceed with your question. Great. I'd like to add my congratulations, guys, on a wonderful record quarter, and thank you for taking my questions. Thanks, Peter. Yeah. My first question is on the visibility and looking at your order backlog. You did mention lumpiness. I'm hoping you can help us understand in light of just such stable, you know, backlog over the last several quarters, what is driving lumpiness maybe on a forward-looking basis? Is there any attitude of customers that might be entering signs of reluctance, or is it just size? If you could help us understand that. My second question is looking at your guidance. There's clear signs of efficiencies projected forward. If I look at kind of a 9%, you know, revenue growth number, and your OpEx only growing about 3%, taking the midpoints, that's very good efficiencies, you know, going forward. If you could help us understand what some of those efficiencies are, you know, that would be helpful. Yeah, sure. I'll touch on the orders and the lumpiness, and then I'll let Duncan speak a little bit to the guidance and the leverage there in that. Relative to the lumpiness that we see really, Peter, is this kind of a shift that we've noticed from customers placing longer lead time, blanket orders, if you will, that will lay out deliveries over multiple quarters out there. Due to the size of those orders when they come in, really can create a very lumpy pattern in the order timing category there. That, you know, we mentioned the large, $10 million order we got at the end of 2021, which was making a bit of a comparison tough in Q4 of 2022 there. You know, throughout 2022, our largest order was $3 million, and we do anticipate that we'll see, you know, 3 or more size orders that can really skew numbers, you know, depending on timing out there. That's really what's driving the comment around lumpiness. It's just this marketplace has kind of driven customer behavior to try to lock in pricing, secure supply over a longer lead times. Duncan. Yeah. I would also add, you know, that's why our quarter-over-quarter order numbers, for example, are never gonna be as stable or smooth, if you will, as we're gonna see in terms of revenue. You know, I think part of what we're trying to convey is just the fact that, you know, there is gonna be that quarter-to-quarter, quote-unquote, lumpiness, you know, because of that dynamic. On the efficiency point, I mean, I think you kinda captured it, you know, to some extent in your question, Peter. You know, it's really all about growing our expenses at a slower rate than we're growing the top line. You know, and over the long term, that's exactly what we're trying to do. You know, I think as you pointed out, high single-digit kind of top-line growth, you know, just lower, you know, mid-single-digit kind of expense growth, you know, that helps drive our efficiency, you know, improve profitability. Obviously, there's mix shifts and things like that going on within the business as well that can, that can kind of change things with respect to profitability metrics. It's really, you know, as simple as that, quite honestly. That's wonderful. If I could have one follow-up, if you could just help us understand what free cash flow was for the year. The purpose of the question is really to try and understand earnings power in your 2025 guidance. If I look at the lower end, even if you range conservatively in a 10% margin, you're looking at $20 million of net income. If you have to acquire about $50 million of sales to achieve that, I'm trying to understand how much of it you can fund from operations, cash generation, and how much it will be somewhat not dilutive growth, but dilutive to existing share count today. The heart of the question in one question is, you know, what do you think earnings power per share is in 25? Let me kind of unpack that a little bit. First, on free cash flow, as I think we outlined in our materials, you know, for the full year, free cash flow was, you know, negative $2.8 million. It's important to understand that the H2 of the year, you know, our cash from operations of $3.7 million, which translates to free cash flow of just over $3 million in the H2. In the H1 of the year, we did use a lot of cash in terms of building inventory, building the balance sheet, given the growth that we've seen, you know, backlog increasing from, you know, $25 million-$30 million the back end of 2021 up into the close to $50 million, you know, closing out 2022. I think, you know, the H2 of the year is indicative of what we see kinda moving forward as we've made that investment, you know, in the balance sheet, so to speak. You know, with that cash from operations, you know, we'll continue to pay down debt as we've done this year. You know, we've taken our debt down by $4 million during the year. We'll continue to kinda do that. You know, we have our term loan facility available to us, which we talked about. We expanded that facility, have $30 million available there, you know, to us to use for acquisitions kinda moving forward. We've talked about, from a leverage perspective, not wanting to be more than 2.5x from a borrowing perspective. You know, we're sitting at 1x at the end of the year with $16 million of debt, $16 million of trailing 12 months kinda EBITDA. As we pay down debt, you know, obviously the debt number will come down. We'll continue kinda drive the business kinda forward in terms of the cash generation metric, you know, so our borrowing capacity will kinda increase. Depending on the size of any acquisition, I mean, obviously look to use debt to the extent we can, but we have other options available to us, capital markets, whatever, you know, raising equity. You know, I think it's a, it's a shifting equation depending on what we're looking at, but hopefully that gives you some... a little bit of flavor from a balance sheet perspective of where we are and where we think we're heading. That's wonderful. Thank you, guys. Thanks, Peter. Thank you. Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Mr. Grant for final comments. Thank you, Melissa. I want to reiterate that I'm exceptionally proud of our global team who delivered these outstanding results for 2022. We are driving a culture of openness, collaboration, and accountability at inTEST, which we believe enabled us to deliver on our commitments to our customers throughout the year. We are making great progress towards our vision to be the supplier of choice for innovative test and process technology solutions globally. Please note on slide 14 that we will be presenting at the Sidoti Small-Cap Virtual Conference on March 23rd, at the inaugural EF Hutton Global Conference on May 10th, and the Stifel Cross Sector Insight Conference on June 6th. We hope to see you all at these events. We really appreciate you taking the time to joining us on our call today and for your interest in inTEST. Thank you all and have a great day. Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.