Good morning, ladies and gentlemen, and welcome to the Manitex Q1 2023 results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require any assistance, please press star two for the operator. This call is being recorded on Thursday, May 4th, 2023. I will now love to turn the call over to Paul Bartole, Managing Director, Vallum Advisors. Please go ahead. Thank you. Welcome to Manitex International's Q1 2023 results conference call. Leading the call today are CEO Michael Coffey and CFO Joseph Doolin. We issued a press release earlier today detailing our Q1 operational and financial results. This release, together with accompanying presentation materials, are publicly available in the investor relations section of our corporate website at www.manitexinternational.com. 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 could differ materially. For a discussion of some of the factors that could cause results to differ, please refer to the Risk Factors section of our latest filings with the SEC. Please note that you can find reconciliations of historical non-GAAP financial measures in the press release issued earlier today and in the appendix of this presentation. Today's call will begin with prepared remarks from CEO Michael Coffey, who will provide a review of our recent business performance, including an update on the progress we have made on our new Elevating Excellence initiative, followed by a financial update and outlook from our CFO, Joseph Doolin. At the conclusion of these prepared remarks, we will open the line for questions. I'll turn the call over to Mike. Thank you, Paul, and good morning to everyone joining us on the call today. If you can turn your attention to page three of our presentation, I'll begin with key highlights from our Q1. Our team delivered another quarter of profitable growth as Q1 revenue and EBITDA came in ahead of expectations, highlighted by strong new order momentum, continued margin expansion, and solid execution against our Elevating Excellence value creation initiatives. During the Q1, sales momentum increased with each successive month. New orders in the quarter contributed to a 16% year-over-year increase in quarter-end backlog. Q1 revenue increased 12% over last year, largely owing to year-over-year addition of Rabern Rentals. Manufacturing sales increased modestly in the quarter. However, as Joe will discuss shortly, Q1 revenue was impacted by a decline in passthrough sales of truck chassis, which carry very low gross margins. While this will modestly impede our top-line growth during the rest of the year, we anticipate gross margin improvements as a result. We continue to experience strong demand in lifting equipment products in both North America and Europe, driven by elevated activity levels across key end markets such as transportation and infrastructure, upstream energy, electrical distribution, and general construction. This improved end market demand and favorable customer reception was evident at the recent Conexpo trade show. Customer interest in our full line of products was robust. We received record orders at the show, some of which are not reflected in our Q1 closing backlog. In fact, we sold every piece of equipment that we had on site in Las Vegas, something that's never happened before. Conexpo is not generally viewed as a trade show with significant order activity. We came away from the show encouraged with customer sentiment and grateful for their vote of confidence in our products. Our rental segment, which is represented by Rabern Rentals, reported another strong result in the Q1. We benefited from the launch of our new Lubbock, Texas location, which opened its doors in March. This represents our 4th rental location in northern Texas, where construction activity is robust, benefiting from a strong backlog of infrastructure, commercial, and industrial projects that are bolstering demand for our fleet of specialized rental-focused equipment. During the Q1, we continued to make significant progress on our productivity and efficiency initiatives across the organization, which resulted in strong year-over-year margin improvement. These actions include a focus on resource optimization, improvements to our procurement and supply chain management, and increased fixed cost absorption. Production velocity suffered some headwinds in the quarter on supply chain delivery delays. These delays primarily affected North American manufacturing and were specifically impacted by our steel and fabricated product suppliers. Despite the lower production level, our Q1 gross margin was 21.2%, up from 16.8% last year and up nearly 200 basis points from the fourth quarter. This occurred despite normal seasonal headwinds typical for the Q1. In addition to the margin benefits resulting from our recently introduced efficiency measures, gross margin further benefited from continued price discipline and a more favorable product mix. We reported Q1 EBITDA margin of 9.3%, which is up 475 basis points from last year, despite roughly 150 basis point of incremental expenses which were related to the Conexpo trade show, which takes place every three years. We are excited by the rapid progress we are making on our operational efficiency initiatives, I am confident that we are well on track to achieve our longer term margin goals that were outlined last quarter. These goals include a multi-year margin expansion set of objectives which target between 300-500 basis points of EBITDA margin improvement by the year 2025. The favorable customer demand witnessed throughout 2022 continued into the Q1. As mentioned in our press release, our backlog improved to nearly $240 million as our key end markets such as infrastructure, non-residential construction, energy and mining remain robust. Many of our key verticals are less impacted by general economic swings and are instead driven by infrastructure spending and the energy markets. General infrastructure, electrical distribution, and road construction are all benefiting from federal infrastructure and stimulus money. We are also seeing global demand for minerals such as copper, improved capital goods spend, and mining maintenance activities. While we are not immune to macroeconomic headwinds, many of our verticals continue to see favorable demand tailwinds. The composition of our backlog by geography during the Q1 was 52% North American and 48% international. Earlier this year, we launched our Elevating Excellence 2025 strategy, a multi-year business transformation initiative designed to drive targeted commercial expansion and sustained productivity improvements across our organization. The roadmap is outlined on page four of our presentation. As a reminder, Elevating Excellence is the focus on targeted commercial expansion, sustained operational excellence, and disciplined capital allocation. While we are targeting all aspects of the plan for 2023, our primary focus and approach this year is to improve internal processes which will aid production output and efficiency. I'm very proud of the progress that we have already made since we rolled this strategy out last quarter. This is evident given our recent financial performance. On page five, we have outlined our commercial growth strategy. We made good progress in the quarter, launching new products to fuel this initiative. In March, we launched the electric crane system, ECSY, and the new TC850 Series 85 ton truck, both at Conexpo. Both of these products received a strong reception from our customers. Manitex's focus on innovation will result in robust new product introductions in 2023, which will be focused on company core lifting equipment product categories that can be marketed in both North America and Europe. Within our rental business segment, we generated strong organic revenue growth during the 1st quarter, owing to favorable end market demands in North Texas markets, pricing increases, and our new Lubbock branch, which opened in March. In the 1st year of ownership, Rabern has exceeded expectations, and Manitex is focused on continuing to expand Rabern Rentals' footprint. The 2nd key tenet of our strategy centers on enhancing our operating performance. This is outlined on page six. We are very proud of the meaningful improvements already accomplished across our organization, which include manufacturing throughput improvement and supply chain efficiencies that have translated into meaningful margin expansion. We still have considerable opportunities to further improve our operating performance. For example, we needed to upgrade our operating systems to improve costs and our ability to scale our growth. We completed this in April with the onboarding of a new manufacturing ERP system for our European businesses. The system integration was completed smoothly, keeping the ERP project on schedule. As a reminder, we upgraded our rental solutions ERP system in December. Both of these investments are integral to our process improvement initiatives. As mentioned previously, the new systems will help fuel efficiency and position the business for growth. We are also beginning to pursue several sourcing initiatives that, if successful, could generate incremental cost savings opportunities as well. We continue to see some headwinds from supply chain challenges, overall, we are pleased with the early progress. Our final area of focus involves disciplined capital allocation, which we detail on page seven of the presentation. In 2023, our capital allocation strategy will continue to prioritize debt reduction, select investments in organic growth, and maintenance capital to support our existing operations. We are committed to lowering our net leverage ratio closer to our long-term target of at or below 3 x, driven by a combination of improved operating cash flow and a planned decline in maintenance capital expenditures. We made nice progress in the Q1, driven by our strong operating results with our net leverage declining to 3.5 x as of March 31st, which is down from 3.9 x at year-end. Elevating Excellence was implemented to return value to our investors. Last quarter, we introduced 3-year financial targets that reflect our confidence in the underlying strength of end markets, coupled with the commercial and operational benefits we expect to generate through our strategic initiatives. These objectives can be found on page 8 of our presentation. Our targets remain unchanged. As a reminder, between year-end 2023 and 2025, we are targeting revenue between $325 million and $360 million or a 25% growth at the midpoint range. Total EBITDA between $35 -$45 million, or growth of 65%-110%. Between 300-500 basis points of adjusted EBITDA margin expansion. Before I turn the call over to Joe, allow me to provide a few concluding remarks around our outlook for 2023. I can't say enough about the confidence our customers have placed in Manitex. We are very grateful for their business. Customer demand remains strong through April 2023. Our management team is making meaningful progress with our strategic initiatives, and we have a positive and confident outlook toward the future. Coupled with our focus on improved operating processes in 2023, we will continue to focus on market share growth within North America, expansion of our equipment rental business, improved utilization of our manufacturing facilities, and a further reduction in net leverage from current levels. Given our solid Q1 results, continued new order momentum, and sustained margin improvements, we believe Manitex remains on track to deliver low double-digit adjusted EBITDA growth in 2023. I will now turn it over to Joe for a detailed review of our results. Thank you, Mike. Good morning, everyone. I will provide some additional details on the quarter, give an update on our liquidity and balance sheet, and conclude with commentary around our outlook for 2023. Turning to slide 11. Net revenue for the Q1 2023 was $67.9 million, up 12.3% compared to the same period last year, driven mainly by contributions from the Rabern Rentals acquisition, which was completed in April of 2022, along with growth in our PM business. Q1 revenue growth was negatively impacted by $1.2 million, or approximately 3%, due to lower truck chassis sales, which are largely passed through revenue items. We expect full year 2023 chassis sales to decline relative to last year, which will be a headwind to reported sales growth. The sales decline will have a limited impact to gross profit but will benefit gross margin for the full year 2023. Lifting equipment segment revenue was $61.1 million in the Q1 of 2023, an increase of 1.1% versus the prior year period. As I just discussed, lower truck chassis sales input impacted Q1 results, lifting equipment segment revenue would have increased 3.4% excluding chassis sales. Lifting equipment revenue growth was driven by improving demand trends in international markets, coupled with improved throughput in manufacturing facility. Rental equipment segment revenue was $6.8 million in the Q1 of 2023, supported by strong end market demand in key North Texas markets, including the opening of the company's Lubbock, Texas location in March of 2023. The rental business benefited from the deployment of new rental fleet acquired in 2022 and market share gains in its Texas market. As of March 31st, 2023, total backlog was $238.1 million, up 16% from a year ago, driven by continued favorable trends in key end markets in North America with contribution from recently launched products. Backlog in our U.S.-based straight mast crane business was up 32% from the prior year. Backlog for articulated cranes increased 13%. Gross profit was $14.4 million during the Q1 of 2023, up from $10.1 million during the prior year period, or an increase of 42%. The increase in gross profit was a result of contributions from Rabern, benefits from our operational improvement initiatives and improved mix. As a result of these factors, gross profit margin increased 440 basis points to 21.2% during the Q1. SG&A expense was $11 million for the Q1 of 2023, compared to $8.8 million for the comparable period last year. Increase was primarily related to SG&A expense of $1.4 million related to the Rabern acquisition, costs related to attending the Conexpo trade show, and increased stock compensation expense, partially offset by the higher transaction costs which were incurred in the Q1 of 2022. Operating income was $2.6 million during the Q1, compared to operating income of $0.7 million for the same period last year. Operating margin in the Q1 of 2023 was 3.8%. The year-over-year improvement in our operating income was driven by the contribution from Rabern and our improved gross margin performance. Strong operating income improvement was especially impressive given we incurred nearly $1 million in operating expenses from the Conexpo trade show. Adjusted EBITDA was $6.3 million for the Q1 or 9.3% of sales compared to $2.7 million or 4.5% of sales for the same period last year. Net income was essentially break even for the Q1 compared to net income of $0.2 million or $0.01 per diluted share for the same period last year. Adjusted net income was $1.4 million or $0.07 per diluted share in the Q1 of 2023, up from adjusted net income of $900,000 or $0.05 per diluted share in the same period last year. Adjusted net income for the Q1 of 2023 excludes $800,000 of stock compensation expense and approximately $700,000 of other non-recurring expenses. Now turning to our balance sheet on slide 12. As of March 31, 2023, total debt was $96.2 million, compared to $90.3 million at the end of the fourth quarter of 2022, owing to normal seasonal working capital uses and increased purchases of rental fleet for the Rabern business. Cash and cash equivalents as of March 31st were $10.1 million, resulting in a net debt of $86 million compared to $82.1 million at the end of the fourth quarter of 2022. As a result of the strong operating results, net leverage improved to 3.5x at the end of the Q1 of 2023 compared to 3.9x at the end of the fourth quarter of 2022. As of March 31st, total liquidity was $36.6 million, consistent with the end of the fourth quarter. As Mike detailed, during 2023, we expect to grow adjusted EBITDA in the low double-digit% range compared to $21.3 million in adjusted EBITDA that we reported in 2022. Our target is supported by continued new order momentum, optimism on end market trends, as well as expected margin improvements resulting from our Elevating Excellence initiative. That completes our prepared remarks. Operator, we are now ready for the question-and-answer portion of our call. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star one. If you want to withdraw your question, please press star two. Your questions will be pulled in the order they are received. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Matt Koranda from ROTH MKM. Please go ahead. Hey, guys. It's Matt Koranda from Matt. Hey, Mike. I guess just Hey, Joe. I guess just first on margins. Gross margin surprised nicely to the upside. I believe we called out margin benefits from operational improvements, improved mix, higher pricing. Now, obviously, we're also running off a higher revenue base, but could you just maybe quantify or stack rank those inputs in regards to this quarter's gross margin growth? Yeah. Thanks. I appreciate the question. This is Michael Coffey. I think the production revenue in units did not increase drastically in the Q1 based on mix and seasonal activity, which is common to the business. The big inputs were really the relative lack of chassis, which are low margin contributors. Pricing improvement is number one. It's the weighted average influence on margin improvement. We're actually working off of improved pricing, and margins are improving as a result. I would say the process and supply chain initiatives are beginning to have positive influences on the margins. Got it. That's great. Great to hear. Given the nice surprise on gross margins this quarter, how do we feel about margin cadence for the rest of the year? Should we hold flat from here? I assume we dip a little bit in Q3 due to the European shutdowns, but just how should we think about how gross margin ramps throughout the rest of the year? Well, I mean, we're still facing supply chain headwinds that are normal for every manufacturer. We're making some victories there, but last quarter, as we mentioned in the press release, we had a tremendous difficulty with suppliers of steel and fabricated products. If you look at the commoditized cost of steel, it's increased a lot in the Q1. We are optimistic about our ability to improve margins. It'll be a little bit of a rollercoaster. But, you know, we're not, we're still looking at a 3-5 point improvement from where we closed last year. Historically, if you think about the business before COVID, this is a business that was performing at about 19% gross profit margin. The acquisition of Rabern helped us to return to historic margins quicker, and manufacturing has been improving steadily quarter-over-quarter its margin performance. We're looking at continuing to improve our gross margin profit, profitability through the year. With pricing and these initiatives taking hold, we feel good about our potential to do that. Got it. Makes sense. Last one from you guys. Great to hear the positive feedback from Conexpo on the 85 ton in electric crane. The press release calls out sort of record new orders that aren't entirely reflected in the backlog. Could you just maybe clarify exactly what we mean here? Are the non-reflected orders for... Are those just for the 85 ton in electric crane? Just in general, when do we expect those orders to reflect on the backlog? We're working on production schedules, there's two things that we're trying to balance. Firstly, we want to make certain that these new products can be distributed throughout our dealer base. We had a few dealers that placed significant orders that we haven't confirmed yet because we feel like there should be a distribution of the products amongst our dealers. I'm expecting that these will be confirmed before the next quarter call. We are really thrilled with the positive feedback that both of these products had. Got it. That's helpful and great to hear. That's all from me, guys. Yeah. Thanks. All right. Thanks so much. Thank you. There are no further questions at this time. Remember, to ask a question, please press star one. You may proceed. Operator, do we have another question or? No. No. In this case, there are no further questions at this time. Okay. You may proceed. Very good. Well, thank you very much for hosting the call, and we'd like to thank everyone for participating. Joe and I will be participating in several investor events in the coming months, including the Sidoti Small Cap Conference, which is scheduled May the 10th. If we don't get a chance to connect during the quarter, we hope and look forward to meeting with you during our next quarterly call. As always, we wanna thank everyone for your time and interest in Manitex, and this will conclude our call. Thank you very much.