Financial Data and Key Metrics Changes - In Q4 2025, net sales increased approximately 29% to $184.5 million, with gross profit growing approximately 35% to $48.1 million and gross margin increasing 120 basis points to 26.1% [18][19] - For the full year 2025, net sales grew approximately 15% to a record $656.1 million, with gross profit increasing approximately 19% to $175 million and adjusted EBITDA rising approximately 23% to $97.9 million [20][21] - Adjusted earnings per share for 2025 increased approximately 52% to $2.24, while net income rose over 60% to $46.9 million [19][20] Business Line Data and Key Metrics Changes - Work Truck Attachments segment saw Q4 net sales and adjusted EBITDA both increase by more than 50% to $83.1 million and $13.9 million, respectively, driven by increased snowfall [21][22] - For the full year 2025, Work Truck Attachments net sales increased approximately 16% to $295.7 million, with adjusted EBITDA also improving by 16% to $56.2 million [22] - Work Truck Solutions segment achieved record results in Q4 with net sales increasing approximately 13% to $101.5 million and adjusted EBITDA growing approximately 22% to $11.9 million [24] Market Data and Key Metrics Changes - The company experienced above-average snowfall in the Midwest and Northeast, which significantly boosted demand for its products [8][9] - Retail sales for plows and hoppers were confirmed to be below the 10-year averages, indicating strong demand in core markets [9] Company Strategy and Development Direction - The company introduced a strategic framework focusing on three pillars: optimize, expand, and activate, aimed at driving sustainable long-term value creation [12][16] - Plans include optimizing current operations, expanding geographic reach and product offerings, and pursuing strategic M&A opportunities, exemplified by the acquisition of Venco Venturo [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in building on the momentum from 2025 into 2026, expecting continued growth in both segments due to favorable weather conditions and operational strength [5][30] - The outlook for 2026 includes projected net sales between $710 million and $760 million, with adjusted EBITDA expected to range from $100 million to $120 million [30][31] Other Important Information - Total liquidity at the end of the quarter was $127.8 million, with free cash flow increasing 91% to $63.6 million [25][26] - The company plans to maintain its quarterly cash dividend of $0.295 per share and has $38 million remaining on its buyback authority [27][28] Q&A Session Summary Question: Which segment might have the better growth outlook for 2026? - Management expects mid to high single-digit growth in Solutions, with the remaining growth anticipated in Attachments due to the Venco acquisition and higher snowfall [35] Question: How is the integration of Venco Venturo going? - Integration is progressing well, with no surprises, and the acquisition is expected to be accretive to earnings per share and free cash flow [42][43] Question: What is the performance of parts and accessories in Q4? - Parts and accessories accounted for approximately 14%-15% of sales, contributing positively to margins [52][53] Question: Why were margins flat in the Attachments segment despite strong parts and services performance? - Margins were impacted by the initial integration of Venco and variable compensation costs [82] Question: What are the normalized margins for the Attachments segment at average volumes? - Normalized margins are expected to be in the mid-twenties percentage range with average volumes [91]