Good day, ladies and gentlemen, and welcome to Consensus Q3 2025 Earnings Call. My name is Paul, and I will be the operator assisting you today. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. On this call from Consensus will be Scott Tariki, CEO, Jim Malone, CFO, Johnny Hecker, CRO and Executive Vice President of Operations, and Adam Varon, Senior Vice President of Finance. I will now turn the call over to Adam Varon, Senior Vice President of Finance at Consensus. Thank you. You may begin.

Good afternoon, and welcome to the Consensus Investor Call to discuss our Q3 2025 financial results, other key information, and our Q4 2025 quarterly guidance. Joining me today are Scott Tariki, CEO, Johnny Hecker, CRO and EVP of Operations, and Jim Malone, CFO. The earnings call will begin with Scott providing opening remarks. Johnny will give an update on operational progress since our Q2 2025 investor call. Then Jim will provide Q3 2025 financial results and our Q4 2025 guidance range. After we finish our prepared remarks, we will conduct a Q&A session. At that time, the operator will instruct you on the procedures for asking a question. Before we begin our prepared remarks, allow me to direct you to our forward-looking statements and risk factors on slide two of our investor presentation. As you know, this call on the webcast will include forward-looking statements. Such statements may involve risks and uncertainties that would cause actual results to materially differ from the anticipated results. Some of those risks and uncertainties include but are not limited to the risk factors that we have disclosed in our regulatory filings, including our annual 10-K and quarterly 10-Q SEC filings. Now, let me turn the call over to Scott for his opening remarks.

Thank you, Adam. We had another solid quarter in Q3, with a slight increase in revenue over Q3 2024. Our corporate channel continued to lead the way with another 6%-plus growth quarter, despite there being a difficult comparable presented by Q3 2024. This was led once again by record usage from our customers and a record quarterly amount of net ads from our eFacts Protect service. In addition, the VA also hit record high usage and revenue for the quarter. Soho revenue was in line with our expectations and showed an improvement in its rate of decline from Q2 2025. Adjusted EBITDA was slightly ahead of our expectations and generated a 52.8% adjusted EBITDA margin. In the quarter, we added key personnel that we outlined in our original guidance in February, and we expect to continue to hire in Q4. As a result, due to these hires and seasonal cash costs associated with the year-end audit, we would expect a lower adjusted EBITDA margin in Q4 than we experienced in Q3. Free cash flow in the quarter was an exceptional amount of $44.4 million, up 32% from $33.6 million in Q3 of 2024. This was due in large part to the adjusted EBITDA conversion to free cash flow, coupled with an outstanding rate of collections, especially in our corporate channel, which has driven our total DSOs down to 25 days for the company as a whole. As a reminder, we pay our interest on the bond semi-annually in Q4, and as a result, we do not expect the quarter to generate much, if any, free cash flow. However, based on our nine-month free cash flow, we would expect the free cash flow for the year to be in excess of $95 million, which is ahead of our original expectations. On October 15th, we drew approximately $200 million of our credit facility and retired a like amount of the 6% notes. We have issued a call notice for the remaining $34 million, which will be funded with a further draw of $20 million from the credit facility and $14 million from our cash balances. This will reduce our total indebtedness from the original $805 million to $569 million and will put us very close to our target of three times gross debt to adjusted EBITDA. In addition, the interest rate on the new debt will be 5.65%, or 35 basis points below the cost of the notes that we are retiring. We will continue to look for opportunistic repurchases of both our debt and equity. I will now turn the call over to Johnny to provide more operational details.

Thank you, Scott, and hello, everyone. During my remarks, I will focus on our key performance indicators, such as revenue and customer metrics, and we'll discuss the go-to-market strategies for our corporate and Soho business channels. I will also provide operational updates and share several key highlights from the quarter. Our corporate channel continues to demonstrate strong execution and sustained positive momentum. In Q3 2025, revenue reached a record $56.3 million, a 6.1% increase over $53.1 million in Q3 of 2024, and a sequential increase from the $55.3 million in revenue we reported in Q2 2025. As we noted last quarter, Q3 2024 was a particularly strong comparable, which makes this continued 6% plus year-over-year growth even more encouraging. This growth is driven by the sustained expansion and increased usage within our upper enterprise accounts and the continued momentum in our public sector business, complemented by stable growth in advanced products and strong performance in our corporate e-commerce channels. This reaffirms our corporate go-to-market strategy and lays the foundation for our future go-to-market, which I will address later in my remarks. I am pleased to announce that our trailing 12-month revenue retention rate stands at 101.9%. This is stable from 102% in the previous quarter, again confidently meeting our greater than 100% target, up from 99.8% in Q3 2024. Our corporate customer base expanded to a new record of approximately 65,000 at the close of Q3. This represents an increase of over 12% from 58,000 in Q3 of last year and a sequential increase from approximately 63,000 at the close of Q2. The primary driver for this growth remains our eFacts Protect offering, which expanded by approximately 6,700 new customers this quarter, contributing to our S&B cohort. Corporate ARPA was $293 for the quarter, compared to $301 in the prior quarter and $310 in Q3 of last year. This expected trend is a direct result of two counterbalancing factors, the successful expansion of our smaller SMB cohort, which includes our eFacts Protect product at an ARPA of around $50, balanced by strong, high-value performance from our large enterprise clients. Importantly, we are proud to report strong, sustained growth in our corporate ARPA net of EFAX Protect for several quarters now, which demonstrates the underlying strength and growing value of our core enterprise customer base. Our corporate performance this quarter continued to trend from recent quarters, demonstrating sustained success at all levels of the market. We are effectively pairing robust revenue growth at high retention rates from our enterprise clients with steady customer-based expansion in the SMB cohort. This balanced approach to growth proves our ability to execute across the entire customer continuum and provide significant stability to our business, which is evident by a continued expansion on two key metrics in our effects network, the number of participants, or endpoints, and the volume of data we process across the network. Turning to the public sector, I want to make a clear distinction. Our main revenue driver in this vertical, the VA, saw its rollout and usage remain unfazed by the government shutdown. The VA continues to set new all-time high records for usage, a clear proof of deepening adoption that has persisted even during the shutdown. Separately, since achieving our official FedRAMP high-impact certification, we have built a solid pipeline among other government agencies and non-government organizations. We are successfully winning and onboarding new customers onto the ECFAX product. While the temporary government shutdown has led to some delayed decision-making, we see this as a short-term timing impact on the conversion pace, and it does not affect our positive outlook for this new pipeline. Moving on to our Soho business, we recorded Q3 revenue of $31.5 million, representing a strategic planned year-over-year decrease of 9.2% from $34.7 million in Q3 2024. This is a slight sequential decrease from $32.4 million in Q2 2025, reflecting our continued strategic focus on optimizing profitability and maximizing the efficiency of our advertising investments in this channel. The global SOHO account base declined from approximately $682,000 in the prior quarter to approximately $661,000 during Q3. Soho ARPA for Q3 2025 was $15.56 compared to $15.62 in Q2 2025 and $15.38 in Q3 of last year. Our Soho cancellation rate in Q3 2025 was 3.71% down from 3.84% in the previous quarter. As I explained in our Q2 call, our Soho customer acquisition strategy led to an unusual spike in ads last quarter, which temporarily influenced the cancel rate in both Q2 and Q3. Since then, our customer acquisition has regarded to a more normal pattern. Yet, like all businesses that rely on digital marketing, we are actively navigating the recent changes in the search environment. This has created a near-term headwind, contributing to a slight decline in organic signups in Q3, which we believe will continue in Q4. We are already executing a multi-step plan to recover from these impacts. While we continue to manage profitability with discipline, we are determined to return our paid ads numbers to the mid-50s, which we expect several months to fully realize. One key factor in this plan is to emphasize one of our greatest assets, our trademarked and redesigned EFAX brand. This strategic focus on EFAX follows a year-long intensive brand study. From day one, more than 30 years ago, EFAX was a pioneer and leader in digital transformation, and we have invested heavily in this brand over decades. With the brand refresh, we now better leverage that established market trust, proven by millions of visitors to our web assets every month, to unify our advanced solutions. It allows us to bring our entire go-to-market portfolio from cloud facts to interoperability and AI under one familiar name, clarifying our evolution from a simple fact service to a comprehensive platform for secure data exchange and digital transformation. Consensus Cloud Solutions, which has also received a brand refresh, will remain the company's NASDAQ-listed brand for investor continuity and as a universal home for employees. To summarize, we are very pleased with the quarter's performance and remain highly confident in our outlook. We will continue on our go-to-market path, which has proven to be very effective. Healthcare remains at the center of our strategy, complemented by strong execution on our automated e-commerce channel for the down market. We are expanding our efforts in the corporate SMB and upper enterprise market, which has extended into the public sector. We expect our Soho business to continue on its trajectory with a clear focus on profitability. Before handing the call over, I want to express my sincere thanks to our employees for their hard work and dedication this past quarter. My gratitude also extends to our customers and partners for their ongoing trust and collaboration. We have delivered another excellent quarter, and we are focused on building on this momentum. With that, I'm handing over to our CFO, Jim Malone, who will now provide a detailed update on our financial performance and outlook.

Thank you, Johnny, and good afternoon, everyone. In our press release and on this call today, we are discussing Q3 2025 results and guidance for Q4 2025. We expect to file our 10Q by close of business today. Moving to corporate. Beginning with our corporate business results, Q3 2025 was another strong quarter for corporate with record revenue of $56.3 million, an increase of $3.2 million, or 6.1% versus the prior year quarter. As Johnny just mentioned, Q3 2024 was a particularly strong comparable quarter, which makes the continued 6% plus corporate growth even more meaningful. Our record of Q3 2025 corporate revenue delivered a trailing 12-month revenue retention rate of approximately 102 percent, up from 99.8 percent from the prior comparable period and stable sequentially. Our corporate customer base expanded to approximately 65,000 in Q3 2025 versus 63,000 in Q2 2025 and 58,000 in the prior comparable period. Corporate ARBA was $293 versus $301 in Q2 2025 and $310 in Q3 2024. This trend is in line with our expectations amid an expanding customer base in the lower SMB cohort, primarily due to record eFacts Protect paid ads, which generated an approximate $50 opera. As Johnny stated, corporate opera net of eFacts Protect has experienced sustained growth for several quarters, demonstrating strong performance from our core enterprise customer base. Moving to SOHO, Q3 2025 revenue of $31.5 million compared to $34.7 million, representing a strategic plan decline of $3.2 million or 9.2% from the prior comparable period, and a slowing decline from the Q2 2025 comparable year-over-year period of 9.4%. Q3 2025 ARPA of $15.56 had an improvement from the prior year comparable period of $0.18 and was in line sequentially. The Soho cancel rate improved sequentially to 3.71% from 3.84% in Q2 2025.

Moving to consolidated results, $87.8 million.

The revenue was consistent with the prior year comparable period. Adjusted EBITDA of $46.4 million is a decrease of $0.6 million or 1.2% versus Q3 2024, primarily driven by planned headcount additions. We delivered a healthy 52.8% adjusted EBITDA margin for approximately 60 basis points favorable to the midpoint of our Q3 2025 guidance range. Q3 2025 adjusted net income of $26.6 million is a decrease of $0.2 million or 0.8% versus Q3 2024. primarily driven by lower interest expense and depreciation and amortization offset in part by lower adjusted EBITDA and higher income tax. Adjusted EPS of $1.38 was unchanged from the prior year comparable period. Q3 2025 non-gap tax rate and share count was 22.3% and 19.3 million shares. Capital allocation, free cash flow. Q3 2025, free cash flow is $44.4 million, an increase of approximately $11 million or 32% versus the prior comparable period, driven primarily by operational performance. Q3 2025 CapEx of $7.2 million, a decrease of $0.8 million, or approximately 10% versus the prior year. Cash and cash equivalents. We ended Q3 2025 with cash of approximately $98 million, which is sufficient to fund operations and repurchases of equity and debt. 6% notes debt retirement. As noted in our 8K filed on July 14, 2025, we executed a $225 million three-bank club deal, including standard covenants, to retire our 6% notes to October 2026. The loan consists of a $150 million delayed draw term loan, plus a $75 million revolving credit facility. The interest rate is SOFR plus an applicable margin based on total net leverage ratio. Subsequent to the quarter end on October 15, 2025, we called $200 million of our 6% notes at par, leaving $34 million outstanding. We utilized our $150 million delayed draw term loan plus $50 million on the revolver. We didn't retire the entire $234 million as our secure lien capacity under our bond indentures was $200 million based upon our June 30, 2025 cash balance. The borrowing costs will be approximately 10 to 35 basis points, lower than our current 6% rate. We have notified our trustee, and we will recall the remaining balance of the 6% notes, $34 million, on or about November 10th, with a combination of $14 million balance sheet cash and $20 million of the remaining Volver. Equity repurchases. In February 2025, the Board approved an extension to the previously approved program for another three years and up to $67 million. In Q3 2025, we repurchased 121,000 shares for $2.7 million, bringing the total equity purchases to date of approximately 1.8 million shares for approximately $47 million. There were no bond repurchases in Q3 2025. Moving to guidance, we are providing Q4 2025 guidance as follows. Revenues between $84.9 million and $88.9 million with $86.9 million at the midpoint. Adjusted EBITDA between $43.1 million and $46 million with $44.5 million at the midpoint. Adjusted EPS of $1.27 to $1.37 with $1.32 at the midpoint. Estimated Q4 2025 share count is approximately 19.4 million shares with a tax rate between 20.5% and 22.5% with 21.5% at the midpoint. Please remember that, as previously mentioned, our 2025 guidance and actual results exclude foreign exchange gain or losses on revaluation of intercompany accounts. That concludes my formal remarks. I'd like to turn the call back to the operator for a Q&A. Thank you.

Thank you. We will now be conducting a question and answer session. In the interest of time, we ask that you please limit yourself to one question. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we begin. And the first question today is coming from David Larson from BTIG. David, your line is live.

Hi, congratulations on the good quarter. Can you maybe talk a bit about the VA and corporate sales? And I think I heard you say that the VA had their highest usage rate yet. Just any sort of color there in terms of incremental growth going forward? And just any thoughts here would be helpful. Thank you.

Great. Yeah, I'll turn it over to Johnny.

Yeah, yeah. Yeah, thank you. Thank you, David. Good question. And, yeah, the VA continues to expand. So what we're seeing, we're seeing increased usage in the existing base, but we also continue to roll out to new facilities. We still haven't rolled out the solution to the entire base of facilities and sites within the VA. That is an ongoing process. We know it's going to continue throughout 2026 to do that. But we also think there is room for expansion and increased adoption within the existing base. And we see that happening. We see growth within the usage in existing sites, so basically save store sales. But also, you know, with new sites coming stated on the call, we do see record highs in usage on weekdays. and overall the volume is growing as well. So that is very, very encouraging, and we expect that growth to continue into the core problem.

How many VA sites are you in now, and what is the total potential, or on a scale of 1 to 10, 10 being 100% penetrated across all potential VA sites, what number would you put yourself at now?

Well, I think there's two elements to that question. So one is we're more than 50% in the absolute raw number of sites deployed, but not all sites are equal. So that's one element. But the other element is even in the sites where we are deployed, we do not yet have, in many instances, all of the traffic. And there are some reasons for that, such as incumbent contracts that have to burn off before we'll capture some of that traffic. In some instances, the site didn't fully appreciate all the different ways in which faxes could be either sent or received, or outbound is easier to do, so you've got to port the numbers before you're going to be outbound traffic. So that's why I tagged on to what Johnny said, which is, you know, we're on the $5 million-plus pace for this year in terms of actual revenue, and we'll meet that goal. We'll go somewhat north of $5 million. And then what we're studying is the exit run rate going into 26. That will give us a book of business based on the number of pages processed on average for business day, peak volumes, et cetera. And then the exercise we're going through now from a budgetary standpoint is what is the timing and what is the pace at which we pick up incremental traffic in the sites where we're already deployed but don't yet have all of it. So it's all of those pieces together, but if you don't bind it to a given year, and I understand kind of where you're headed because people are looking at trying to build 26 models, But if you go look out over, say, a two- to three-year time frame, there leads us to believe there are multiples of revenue available to what we've booked in 2025. How many multiples? That's what's still under discussion.

So could the five turn into 10 or 20 million?

Yes. But the question is where, between 10 and 20 million? I think 10 is a highly competent number. And it's the number we had talked about when this contract was originally won several years ago. But I think we have good reason to believe it's a higher number than that. The question is, how much higher than 10? And in order to get confidence in that number, we need to, in conjunction with the VA, do some additional analytical work, and then see what is a reasonable timeframe over which that traffic can be captured. Not all of which is in our control. Some of it has to do with the VA. Some of it has to do with the way they roll things out. And as I said, existing contracts that carried over that need to expire. So I think it is probably still at least three years before realistically we can capture all the traffic. But it could be even more than three years.

Okay, great. And then another quick one, if you don't mind. The SOHO year-over-year revenue growth was down 9%. What would you expect that, like, deceleration rate to be, let's say, in 2027 or 2028? When are we going to see that sort of level off?

I think that's a good question, but it's very difficult to predict. I don't think we can give guidance in that direction two years out at this point. We've been talking about it for, you know, a year and a half now and worries that, you at what point is it going to reach that steady base and then the decline will go into the low single digits? But it's very difficult to model. There are so many moving parts to this business. I mean, we've seen it slow down over time, but I don't think we can give you a clear number on 27 just yet.

But I mean, I only get a look. It's clearly even at a decelerating pace. It's not going to happen in 26. Probably depending on where your goal is, it's not going to happen in 27. So it's 28 or later. And the input factors that are relevant to us are, you know, as the base ages, how we see that cancel rate come down. You saw it come down, you know, sequentially from Q2 to Q3, about 13, 14 basis points. Some of that, as Johnny mentioned in his prepared remarks, is negatively influenced by certain excess customers that were acquired in Q2, which burn off very quickly, but they're very cheap acquisition costs. So we're actually looking and studying the various cohorts to see where is that stabilized base of cancel as that base ages. So that's one element of the equation. And the other element is not only how many gross ads you bring in, meaning new net customers in a given period, but what kind of customers do you bring in? Are they short-lived customers that you can get at a very attractive LTV to cap, but they might only be around two, three, four months? or are they longer customers? Because there's a whole range of use cases that will dictate the life of the customer. For us, it's really a matter of matching the right expense against their life, not so much whether their life is four months or 12 months or 18 months, but what are you paying to get that stream of revenue? So if all those things are going in, we will keep crunching those models as we go through our budgeting process, which has commenced, but it's still early stage.

Okay, and then just one more quick one. Can you talk a little bit about the advanced products upsells into corporate? Just any color there on, you know, the use of AI, you know, RCM acceleration. Thanks very much.

I can comment on that, David. It's a couple of things that we saw accelerate in Q3. One of them, you know, clarity adoption and clarity of revenue, which is that AI product that obstructs data, turns that unstructured data into structured data. So, I've commented on it, I think, on the last call a little bit, but that is one of the key – was one of the key drivers. And the other one was, in combination with that, really our integration engine business, right, where we help customers connect their EHR systems to, you know, provide that interoperability. That has also been, you know, performing quite well. And the combination of those two with the connectivity to our EFX network is what's driving the revenue there and what's helping us succeed.

Okay, great. I'll hop back in the queue. Congrats on a good quarter.

Thank you. And as a reminder, it will be star one on your phone if you wish to ask a question today. The next question is coming from Gene Manheimer from Freedom Capital. Gene, your line is live.

Thank you. Good afternoon, guys. Congrats on the good numbers. Question on that Soho paid ads. I know, Johnny, you talked about that at 50, was the lowest in a while. And just so, for my edification, that was due to a spike last quarter around promotional pricing, or is there also some level of conversion of the Soho customers to enterprise that was a factor?

No, I think what we mentioned, Gene, thanks for the question. Yeah, what we mentioned was last quarter we had a little bit of a spike because of an acquisition channel for our new customers that was, you know, commercially very interesting for us. But as Scott mentioned earlier, those customers come on at a low price, but they also fall off fairly quickly, so they burn off. They have a shorter lifetime than regular customers. We did see a little bit of a decline in our paid ads this quarter. There was multiple factors to it. And the one that I mentioned was, you know, the change in search that we're, you know, a little bit of headwind in the organic traffic, but we have put some measures in place, and we're already seeing some recovery of that, that we're getting additional sign-ups and reverting back to that mid-50 number. I don't think it's going to happen overnight. I don't think we will see. We will probably not reach that by the end of this quarter. Q4 is usually a slow quarter for Soho anyways, but we're expecting it in the course of, you know, the first few months of the next year to get back to that number. Okay. Yeah, that helps out. Thanks, Johnny.

And then just my follow-up is on the VA discussion, you know, getting from, say, $10 million in revenue to $20 million or whatever the number happens to be, can that be accomplished based on the scope of the agreement you have in place today, or would it involve selling additional products into the VA?

That's a good question. I think we are – right now we're just talking about the FACS platform, right, about the ECFACS platform that is FedRAMPi certified. There's obviously potential to upsell other solutions into the VA. They would have to go through a similar process as the FACS platform to be certified on that FedRAMPi platform or environment. I think we've learned a lot, so it wouldn't take us as long as it did for InFax, but what we're talking about right now is really only the InFax platform. We're not adding in any additional products into that growth. So there's additional potential within the VA.

That's going to be under a different contract. That's great. Thank you very much. Before we go to more live questions, we've got a question by email. So one has to do with capital allocation and our thoughts really as we look forward to 2026 between retirement of debt and share repurchases. As I noted in my opening remark, I think both are going to be opportunistic in nature. Right now, there's no mix that we've set between the two as it relates to either cash balances or free cash flow generated in 2026. One of the things that we're going to be looking at is as we get into 27 and we look at the six and a halves and their maturity in October of 28, what is sort of the right level of debt as we think about that refinancing? So that may influence some retirement of debt, which could be a combination of either the continuation of buying the 6.5% in the open market. But as I've noted before, the volume there has been limited because we've taken about $150 million out over the last couple of years. But we do have the ability, as we generate cash, to take our revolver down. And I think if we're going to prepay or repay any bank debt or credit facility, it would be in the revolt because that we can re-borrow. The delayed drop term loan, by its terms, does have some mandatory prepayments per quarter of slightly under $2 million per quarter. So you will see a little under $8 million come out next year just per the terms of the delayed drop term loan. But if we do have excess cash and we can't buy bonds and we don't like the stock price or we can't get enough stock, we could pay down the revolver. And then if we have needs in the future, we could re-borrow the revolver. So that's kind of how we're thinking about it now. As I mentioned, we're still in the relatively early stages of budgeting, so things like how much free cash flow and based on our current balances, what kind of capital is available is also going to be a question of the jurisdictional issue of where that cash sits, not only at $1230, $125, but as it's earned over $26. Clearly, there'll be an amount in the U.S., but there'll also be an amount in foreign jurisdictions, and so we'll have to look about how much of that cash we can bring back home to the U.S. because both stock repurchases and debt retirement, whether it is in the form of the bank debt or the six-and-a-halves, require U.S. cash as opposed to foreign cash. Paul, is there another life question? Because if not, I've got another email question.

There were no other questions from the lines at this time.

So the second email question that came in had to do, I think I can interpret this in In terms of, it's stated as a marketing-related disruption we mentioned in SO, which I think is really what Johnny commented both in his preparedness box, but also in response to Gene's question, is that does this likely disrupt the improvement year over year going into Q4 and 26? If you mean the rate of decline, which has been declining, it may very well impact Q4 somewhat. In other words, we've been seeing on a pretty much sequential basis the rate of decline coming down. So, it went from 9.4 to 9.2 from Q2 to Q3. That could break trend modestly in Q4. We'll have to see because I think, as Johnny mentioned, it's probably going to take up to a few months, which will take us into early 26, possibly through Q1, to get that normalized base back to around 55,000 net ads per quarter. So, you could see a little bit of friction in Q4, might carry through to Q1. Haven't done, say, enough budgeting and enough coordination of that to know what kind of impact there might be. But I think, yeah, you should expect there could be some noise in Q4, possibly in Q1 as well. Paul, I'll open it up if there's any further live questions.

There were no further questions from the line, Scott. I will hand it back to you for closing remarks.

Great. Thank you. Appreciate everybody for joining us today for our Q3 call. We will be at a couple of conferences. I think more catering to the high yield market than the equity market between now and our next earnings call. So stay tuned for those activities. We will also be putting out a release probably in late January, early February in terms of giving the timing for the Q4 release, at which time we will give full year 2026 guidance. At this point, we would intend, as we've done in the past, to give a range of revenues, adjusted EBITDA, and adjusted net earnings per share. So obviously, it'll be a call that'll look back to 25, report the quarter of the full fiscal year, and then what we're seeing as we look forward to 2026. And obviously, if there's any questions that you have between now and then, feel free to reach out and contact Laura or any one of us, and we'd either arrange a call or, if it's a fairly straightforward question, answer by email.

Thank you, and this does conclude today's conference. You may disconnect your lines at this time. Have a wonderful day. Thank you for your participation.