Ladies and gentlemen, thank you for standing by. Welcome to Enerpac Tool Group's Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded, today, October 17, 2023. It's now my pleasure to turn the conference over to Travis Williams, Director of Investor Relations. Please go ahead, Mr. Williams.

Thank you, operator. Good morning and thank you for joining us for Enerpac Tool Group's year-end fiscal 2023 earnings call. On the call today to present the company's results are Paul Sternlieb, President and CEO; Anthony Colucci, Chief Financial Officer. Our slides and recording of today's call will be available on Enerpac's website in the Investors section. In today's call, we'll reference non-GAAP measures. You can find a reconciliation of GAAP to non-GAAP measures in the appendix of the slides as well as in the press release issued yesterday. Our comments will also include forward-looking statements that are subject to business risks that could cause actual results to be materially different. Those risks include matters noted in our latest SEC filings. Now, I will turn the call over to Paul.

Thanks, Travis, and good morning. It’s a pleasure to be here to talk about Enerpac’s strong financial performance in fiscal '23. We also have a lot of good news to report in terms of the success of our ASCEND transformation program with our first full year of implementation now behind us. As you can see on Slide 3, full year revenue of $598 million exceeded our initial guidance and came in at the high end of the guidance we revised upward last quarter. Reported revenues expanded 5%, while core sales, which exclude the impact of foreign exchange and dispositions, were up 8% over the prior year. Free cash flow also exceeded initial guidance and was toward the upper end of our revised guidance, and adjusted EBITDA of $136 million well exceeded our expectations and expanded 65% year-over-year. In fiscal 2023, we moved into the implementation stage of our ASCEND transformation program designed to accelerate Enerpac's growth and profitability. To date, I'm pleased to report that we are ahead of schedule in terms of the timing and benefits of ASCEND. Originally, we anticipated total annualized adjusted EBITDA benefits of $40 million to $50 million by the end of fiscal 2024. In the second quarter, we raised that guidance to $50 million to $60 million. In fact, in fiscal 2023, we achieved our goal, capturing ASCEND benefits of $54 million and a year ahead of plan. While ASCEND remains an important part of transforming the company, given that we are well ahead of schedule, we intend to leverage the power of ASCEND to transition to a focus on continuous improvement. As noted in our earnings release, we have issued our guidance for fiscal 2024, keeping it on the fairly cautious side. This is due to the continued uncertainty in the macro environment. However, we firmly believe Enerpac is well-positioned to continue to outperform the industry and gain share, based on the success of our four-pillar growth strategy, which includes expansion in key vertical markets, digital transformation, customer-driven innovation, and expansion in Asia Pacific. I'll let Tony review our fiscal 2023 performance and cover our guidance for fiscal 2024. Then I'll return with more details about ASCEND and our growth strategy and the ongoing benefits to the top and bottom line. Tony?

Thanks, and good morning. As Paul said, Enerpac enjoyed solid growth on the top and bottom line in fiscal 2023. Core revenue, which excludes divestitures and the impact of foreign exchange, expanded 8% from fiscal 2022. On a core basis, product revenues expanded 12% year-over-year. At the same time, service revenue declined 7%, due to the previously discussed implementation of a more selective quoting process, particularly in the Middle East region. We anticipate we will see this impact for another two quarters as we began implementing this process in the back half of fiscal 2023. Within the Industrial Tools & Service segment, three of our four geographic regions, Americas, Asia Pacific, and ESSA, which includes Europe, Sub-Saharan Africa and India, generated double-digit growth in fiscal '23. As for the MENAC region, which includes the Middle East, North Africa and Caspian, revenue declined in the mid-teens as expected as a result of the just mentioned selective exit from certain projects in our service business. The ESSA region enjoyed healthy demand from wind, rail, and infrastructure. However, dealer sentiment is neutral to cautious. In Asia Pacific, dealer sentiment is most positive in Australia, driven by demand from the mining industry. Other positives include infrastructure spending in Japan and shipbuilding in Korea and Japan, somewhat offset by softness from China's steel mills and manufacturing sectors. Overall channel inventory is appropriate. In the Americas, sales growth was broad-based, with particular strength in infrastructure and wind markets. Channel inventory is stable. However, our dealers have expressed some caution with a slowdown in the rate of growth due to general economic conditions. In the MENAC region, investment in oil and gas and renewable energy projects remain strong. Overall dealer sentiment is neutral and inventory is appropriate. We know these acronyms for our regions are mouthful. They…

Thanks, Tony. As I said at the top of the call, we're very pleased with the solid growth generated in fiscal '23, a reflection of our ambitious growth strategy, already yielding results and centered around four key pillars. Our first pillar involves expansion in targeted vertical markets, wind, rail, infrastructure and industrial MRO. Not only do these large fragmented markets provide exciting opportunities for growth and market share expansion, they're also benefiting from solid secular dynamics including the infrastructure spending bill in the U.S. and the global transition to clean energy. Just to share a few examples. In the U.S., within the past few months, the administration has approved the largest ever offshore wind project. In addition, the Department of Transportation has opened applications for nearly $10 billion in funding for the nation's bridges. Moreover, the Federal Railroad Administration announced a new round of rail infrastructure funding of $1.4 billion for 70 projects. These initiatives all represent a significant expansion in funding levels for wind, rail and infrastructure spend and a favorable growth environment for Enerpac. Additionally, we believe the reshoring of industrial capacity, which appears to be a durable macro trend provides a positive tailwind for Enerpac. Our second pillar is digital transformation. This includes both our digital connectivity for our products through the implementation of Enerpac Connect, our proprietary IoT solution as well as our robust digital marketing and e-commerce program. We believe our digital strategy will enhance Enerpac's ability to acquire and sustain long-term customer relationships. In fiscal 2023, we nearly tripled the level of sales through the e-commerce channel and significantly beat our internal plan. And we're excited about the progress we continue to make in this area in fiscal '24 and beyond. Our third growth pillar is our customer-driven innovation program. Over the past two…