Wash Multifamily Acquisition Inc. (WASH) posted good revenue growth throughout fiscal 2023, with support from higher net machine count and approximately 285,000 vend increases. Improved operating leverage, cost controls, and remanufacturing efforts have all contributed to better profitability and positive free cash flow generation (FOCF) despite funding growth investments to increase machine count. We project revenue growth of approximately 5.7% in 2024, with the full benefits from net machine count growth in 2023 and higher vending prices. We also project EBITDA margin expansion driven by cost controls and a greater emphasis on profitability when renewing contracts. We believe the proportion of remanufactured machines within the overall fleet will expand, with WASH becoming more efficient at machine remanufacturing. Though these machines
