Financial Data and Key Metrics Changes - The fourth quarter of 2024 showed improved consolidated results across all metrics compared to the previous year, primarily due to strong growth in the Solutions segment and increased margins in the Attachments segment [4][20] - Net sales were flat at $568.5 million, with gross profit increasing by 9% to $146.8 million, resulting in a gross margin increase of 220 basis points to 25.8% [21][22] - Net income rose to $56.2 million from $23.7 million, driven by a one-time gain from a sale leaseback transaction and improved profitability across both segments [23] Business Line Data and Key Metrics Changes - In the Attachments segment, sales decreased by 12% to $256 million, while adjusted EBITDA declined only 4% to $48.5 million, with an adjusted EBITDA margin improvement of 160 basis points to 18.9% [25] - The Solutions segment achieved record sales of $312.5 million, a 13% increase, and adjusted EBITDA increased by 76% to $30.9 million, with margins improving by 350 basis points to 9.9% [26] Market Data and Key Metrics Changes - Snowfall this winter has been regional, with above-average snowfall in some markets but insufficient snow in core markets like Chicago, New York, and Boston [12][13] - Dealer sentiment remains positive, and inventory levels are decreasing, indicating a strong financial footing for dealers [14] Company Strategy and Development Direction - The company aims to maintain its current dividend and is open to small and medium-sized acquisitions if suitable opportunities arise, while maintaining a disciplined approach [6][7] - The focus remains on long-term growth, with a strong emphasis on operational efficiency and adapting to market conditions [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the upcoming snow season, expecting it to be better than the previous year, which had significantly low snowfall [12][19] - The company anticipates net sales for 2025 to be between $610 million and $650 million, with adjusted EBITDA projected to range from $75 million to $95 million [31][32] Other Important Information - The company successfully executed a cost savings program in 2024, exceeding expectations and producing pre-tax savings of over $10 million [22] - The total backlog at the end of 2024 was $348 million, an increase of $52 million, driven by strong municipal bookings [24] Q&A Session Summary Question: Weather impact on sales in the South and Southeast - Management noted limited dealer presence in the Deep South but acknowledged some sales in those areas due to snowfall [38][39] Question: Update on private sector growth in the Solutions segment - Growth is primarily seen in the municipal sector, with some softness in the commercial side [40][41] Question: Free cash flow expectations for 2025 - Free cash flow is expected to be at or better than 2024 levels, with improvements in working capital and capital expenditures anticipated [44][45] Question: Regional distribution of snowfall and its impact - Key markets are primarily east of the Mississippi and north of Tennessee, with a strong presence in Canada [53] Question: Future margin improvement in the Solutions segment - Margins are expected to improve through increased throughput and ongoing efficiency initiatives [55]