Good afternoon, and welcome to Fathom Holdings Fourth Quarter and Full Year 2025 Conference Call. Joining us today are the company's CEO, Marco Fregenal; and Senior Vice President of Finance, Daniel Weinmann. The operator provided instructions. Please note this conference is being recorded. Before I turn it over to management, I want to remind listeners that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous conditions, many of which are beyond the company's control, including those outlined in the Risk Factors section of the company's Form 10-K year ended December 31, 2025, and other company filings made with the SEC, copies of which are available on the SEC's website at www.sec.gov. As a result of those forward-looking statements, actual results could differ materially. Fathom undertakes no obligation to update any forward-looking statement after today's call, except as required by law. Please note that during this call, management will be discussing adjusted EBITDA, which is a non-GAAP financial measure as defined by SEC Regulation G. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure is included in today's press release, which is now posted on Fathom's website. With that, I will turn the call over to Fathom's President and CEO, Marco Fregenal. Please go ahead, sir.

Good afternoon, everyone, and thank you for joining us today. Before Daniel walks us through the financial results, I want to take a few minutes to step back and talk about the progress we made during the fourth quarter and throughout 2025. The past several years have been challenging for the housing market. Higher interest rates and affordability constraints have significantly reduced transaction activity across the industry. Despite those headwinds, we continue to execute on our long-term strategy and strengthen the foundation of the Fathom platform. That progress is reflected in our results. For the full year 2025, we generated $420 million in revenue, representing 25% year-over-year growth, and our total transactions increased nearly 15%, driven in part by the addition of My Home Group and the continued addition of strong agents to our network. For the full year 2025, gross profit increased 20.8% to $34.2 million compared to $28.3 million in 2024. And adjusted EBITDA improved by $1.7 million to a loss of $4 million compared to a loss of $5.7 million in 2024. Beyond the financials, we made meaningful strategic progress. We expanded our ancillary businesses, launched new programs and partnerships, strengthened our leadership team and sharpened our focus on the core Fathom ecosystem. It also merits noting that in our fourth quarter, transaction volumes continued to reflect broader market trends. In December, for example, the industry saw a significant number of contract cancellations in some markets, including Atlanta, Jacksonville, and San Antonio, where cancellation rates exceeded 20%. Even in this environment, we are encouraged by the strengthening quality of our business. These conditions reinforce why we proactively restructured our economics to reduce reliance on transaction volume and build a more durable, diversified profit model across our platform, positioning us well for long-term growth and meaningful acceleration when conditions improve. With that context, let me shift to the four areas that are central to where we're going as a company: margin expansion, agent experience, customer experience and AI-driven technology. Let me start with margin expansion. In the fourth quarter of 2025, we continued to build Elevate, our concierge-level offering, by adding more than 100 agents and implemented START, our first-time buyer concierge program through an acquisition. So far in 2026, we have expanded START into five states, and we expect to be operating in ten states by the end of the year. Looking ahead, our goal is for these two programs to represent at least 10% of our total transaction volume by year-end and increase to over 15% by the end of 2027. That's important because both Elevate and START carry significantly higher gross profit margins, typically ranging from 20% to 50%. As these programs scale, we expect them to have a meaningful positive impact on overall margins and further improve the profitability profile of the business. In addition, we are seeing continued progress across our ancillary businesses. Our mortgage business delivered strong performance with revenues increasing 70% in the fourth quarter of 2025 compared to the fourth quarter of 2024 while maintaining gross profit margins of approximately 35%. Momentum has continued into the first quarter of 2026, where we have seen file starts increase by over 150% compared to the first quarter of 2025. Our title business also performed well, with revenue growing 38% in the fourth quarter compared to the fourth quarter of 2024, and it continues to be a strong contributor with gross profit margins of approximately 58%. Taken together, both our mortgage and title businesses are scaling nicely and are expected to be meaningful contributors to improved margins and overall profitability in 2026. We're also implementing several initiatives to improve profitability and strengthen unit economics across the platform. Let me take a minute to explain our new commission plan named Edge and why it matters. Under Edge, new agents will pay a $75 monthly fee. Previously, we charged a $700 annual fee collected on the agent's first transaction of each anniversary year. The challenge was that approximately 35% of our agents never closed a transaction, which made it more difficult to collect the annual fee. By moving to a monthly fee of $75, the total annual amount increases from $700 to $900, a 28.6% increase, which we should now be able to collect from the significant majority of our agents who join Fathom. Moving to our monthly structure increases consistency and predictability in our revenue, aligns us with industry standards and supports a more engaged agent base, which we believe will drive higher transaction activity over time. To put this in perspective, we believe this change could add over $1 million in additional gross profit over a full year. With Edge, we are moving away from a flat transaction fee model and introducing a 7% split while maintaining our $9,000 annual cap, which we set at the agent's anniversary. This is a strategic evolution. The flat fee model works well in a static environment, but a split model allows our economics to scale with home prices. As values increase, our gross profit per transaction increases as well. In other words, we participate more directly in the upside of the market. And even with that change, we expect to remain extremely competitive. A 7% split is well below brokerages, which typically charge from 20% to 30% or even more. While this change will increase our average gross profit per transaction by more than $200, we remain firmly positioned as a value leader. We are not repositioning as the traditional brokerage. We are strengthening our position as the highest value brokers in the industry. In addition, we have introduced a new transaction fee of $250 applied to every transaction in Fathom Realty. On our previous Fathom One and Fathom Max plans, this fee alone will increase our per-transaction gross profit by between 45% and 54% on transactions that have not yet reached the annual cap. To put that in perspective, on just 10,000 transactions, that represents an additional $2.5 million in gross profit. On our new Edge plan, which includes both a higher commission split of 7% and the separate $250 fee, the combined effect represents on average a 116% increase in gross profit on a pre-cap transaction over our Fathom One plan, which is the plan under which the majority of our agents operate. It is important to understand our identity has never been tied to a specific pricing structure. Whether it's flat fee or split, those are simply tools. Our identity is and always has been delivering the greatest value to our agents. Even with these changes, including the additional commission split under Edge and the new $250 transaction fee, we believe we remain among the most competitively priced brokerages in the country. We continue to deliver significantly more in tools, technology, training and operational support than virtually any competitor while still pricing well below the vast majority of brokerages nationwide. This is something we are very proud of. Taken together, these structural changes are significant as they could add a significant incremental gross profit before any benefit from a market recovery. On implementation, all existing agents are being grandfathered into their current plan. Edge applies to new agents joining the platform. Over time, as natural attrition occurs and new agents join, the mix will shift toward Edge organically. We view this as a controlled, low-disruption transition that allows us to improve unit economics while maintaining stability across our existing agent base. In addition, we are now applying a monthly fee to agents who have historically closed zero transactions with Fathom. We fully expect some of these agents to leave the platform, and we are comfortable with that outcome. These agents do not generate revenue or contribute to EBITDA. To date, we have already removed approximately 1,100 of these agents, and we expect a similar number to follow as we implement the monthly fees. Removing these agents will have zero negative impact on our net income or EBITDA. As these initiatives scale, we believe they will play a meaningful role in driving overall margin expansion. Now to agent experience. Agent success is at the core of our platform. We recognize that agents have different goals and operate at different stages of their careers, and we are committed to delivering a seamless experience that supports them at every step. That includes enhancing training, stronger lead generation and new tools like our marketing platform MAXA. Across our Elevate and START programs, we're now generating more than 4,000 leads per month, creating over 200 active customer opportunities for our agents. We expect that number to scale to more than 20,000 leads per month by year-end as we continue expanding these programs and roll out additional initiatives, including our partnership with ByOwner.com. We're also seeing encouraging traction with Fathom Business Services, our coaching program designed to improve collaboration between agents and ELG loan officers. While still early, more than 500 agents have completed the training and over $10 million in mortgage transactions are currently in process. Taken together, these initiatives are strengthening our value proposition, helping us attract and retain high-quality agents, increasing attachment across services and driving incremental margin improvement while reinforcing our position as a technology-first platform. The customer experience is just as important to our platform. We focus on delivering a simple and transparent process that builds trust and confidence from search through closing and beyond. In Q2, we plan to launch an integrated consumer portal that will provide buyers and sellers with greater visibility throughout and after the transaction. We're also investing in programs like HOMESTAR, which helps consumers improve their credit. Although we are in the early stages of the rollout, over 600 potential buyers have enrolled, and we have seen approximately 40% of the participants graduate toward beginning the homeownership process. In addition, partnerships such as Move Concierge help streamline decisions around Internet, cable and utilities while our START Concierge program supports first-time buyers as they navigate the complexity of the home-buying process. These efforts not only drive satisfaction, repeat business and referrals but also strengthen our network to contribute to greater efficiency and improved unit economics over time. Finally, we continue to enhance intelliAgent, our proprietary technology platform, as we lean further into AI-driven initiatives to modernize our offering and to improve overall efficiency. As a technology-first real estate platform, innovation is central to how we operate. We are leveraging AI and automation to streamline agent workflows, enhance the customer experience and scale the business more efficiently than traditional models. These investments are already enabling smarter automation, better insights and more efficient operations across recruiting, training, lead management and transaction support. Over time, we believe this will help us attract and retain high-quality agents, further differentiate the platform and stay ahead of competitors that are slower to adopt these technologies. Ultimately, each of these initiatives is designed to improve productivity across the platform, increase revenue per transaction and drive stronger profitability. Taken together, they reflect how we are evolving the model, expanding margins, increasing agent productivity, enhancing customer experience and building a more scalable technology-driven platform. Now let me take a few minutes to discuss some of the leadership changes of the past few months. Samantha Giuggio, who has been with the company for more than 14 years, made the decision to step down as President of Fathom Realty. I have had the privilege of working with Samantha for many years through both the challenges and opportunities our industry has faced. I am deeply grateful for her leadership and the many contributions she made to the growth and success of Fathom. We wish her nothing but the best moving forward. At the same time, I'm excited to welcome Lori Muller, who joined us in February as the new President of Fathom Realty. Lori brings more than 30 years of industry experience, most recently serving as President of EXIT Realty, where she oversaw a network of more than 25,000 agents. She is a proven leader with deep operational expertise, and I'm confident she will play a key role in driving the next phase of growth for Fathom Realty. I have already had the opportunity to work closely with Lori, and I'm excited about the energy, perspective and leadership she brings to the organization. With that, let me turn the call over to Daniel to review the financial results for the fourth quarter and full year. Daniel?

Thank you, Marco. I'll begin reviewing our financial results for the fourth quarter and full year 2025 and then provide a breakdown of performance across our business segments, starting with revenue. Fourth quarter revenue totaled $90.6 million, a 1.2% decrease year-over-year compared to $91.7 million in the prior year period. The modest decline was primarily driven by a 3.2% decrease in brokerage revenue, reflecting softer real estate transaction activity during the quarter. This was partially offset by strong performance in our ancillary businesses, which grew an average of 54.2% year-over-year, driven by increased attach rates and continued expansions of our mortgage and title operations. For the full year 2025, total revenue increased 25.4% to $420.5 million compared to $335.2 million in 2024. The growth was primarily driven by the addition of My Home Group in November 2024 as well as continued momentum in our ancillary businesses, which increased an average of 27.6% year-over-year. This reflects our ongoing focus on driving higher attach rates across our integrated platform and expanding revenue per transaction. Gross profit for the fourth quarter of 2025 increased to $7.1 million compared to $6.7 million in the fourth quarter of 2024. The increase was primarily driven by stronger contributions from higher-margin ancillary businesses, including mortgage and title. The continued expansion of our Elevate program also contributed to improved revenue per transaction and stronger unit economics. Gross profit margin for the fourth quarter of 2025 increased to 8.1% compared to 7.2% in the fourth quarter of 2024. The improvement was primarily driven by a more favorable revenue mix with greater contribution from higher-margin ancillary services as well as improved operating efficiency. For the full year 2025, gross profit increased 20.8% to $34.2 million compared to $28.3 million in 2024. The increase was primarily driven by growth in mortgage and title and the continued expansion of the Elevate program, which helped increase revenue per transaction and overall gross profit contribution. Gross profit margin for the full year 2025 decreased moderately to 8.1% compared to 8.4% in 2024 as the benefits from growth in higher-margin ancillary businesses were offset by revenue mix changes, including the addition of My Home Group and continued investments in growth initiatives. Our technology and development expenses were approximately $1.7 million for the fourth quarter of 2025 compared to $1.8 million in the prior year period. For the full year 2025, technology and development expenses increased to $7.3 million from $6.6 million in 2024. The approximately $700,000 increase was primarily driven by continued investments in our technology platforms, including the expansion of new features within intelliAgent. General and administrative expenses totaled $8.2 million for the fourth quarter of 2025 compared to $8.4 million in the prior year period. For the full year 2025, general and administrative expenses decreased to $33.1 million from $33.6 million in 2024, primarily reflecting the impact of cost reduction initiatives implemented throughout the year. Our marketing expenses totaled $1.4 million for the fourth quarter of 2025 compared to $1.9 million in the prior year period. For the full year 2025, marketing expenses decreased to $5.2 million from $5.8 million in 2024. The decrease was primarily driven by continued expense discipline and increased efficiency across marketing initiatives. Our GAAP net loss for the fourth quarter of 2025 totaled $6.7 million or $0.21 per share compared with a net loss of $6.2 million or $0.29 per share for the fourth quarter of 2024. The year-over-year increase in net loss was primarily driven by a lower income tax benefit of approximately $20,000 in 2025 compared to $1.1 million in the prior year period as well as the recognition of approximately $900,000 loss on the sale of a business. For the full year 2025, GAAP net loss was $20.3 million or $0.72 per share compared with a GAAP net loss of $21.6 million or $1.07 per share for 2024. The year-over-year improvement was primarily driven by higher revenue and expense reduction initiatives. These improvements were partially offset by the recognition of a $900,000 loss on the sale of a business and approximately $2 million in accrued legal expenses. Our adjusted EBITDA loss, a non-GAAP measure, for the fourth quarter of 2025 improved to $2.6 million compared to $2.9 million in the fourth quarter of 2024. For the full year 2025, adjusted EBITDA loss was $4 million compared to $5.7 million for 2024, representing an improvement of approximately 29.8% year-over-year. The improvement was primarily driven by higher revenue, particularly from the addition of My Home Group and growth in our ancillary businesses, as well as continued expense reduction initiatives, including lower marketing and general administrative expenses. These improvements were partially offset by increased investment in technology and development to support long-term platform growth. I will now provide a more detailed review of performance across our individual business segments. Starting with our brokerage segment, we closed approximately 8,501 real estate transactions during the fourth quarter, a decrease of 14.2% compared to 9,903 transactions in the fourth quarter of 2024. The decline was primarily driven by continued softness in the residential real estate market, including elevated mortgage interest rates, affordability constraints and limited housing inventory, which impacted overall transaction volumes. Notably, U.S. home purchase agreements canceled in December represented approximately 16.3% of homes that went under contract during the month, the highest December level recorded since tracking began again in 2017, highlighting the ongoing volatility and pressure in the housing market. For the full year, we closed approximately 42,405 real estate transactions, representing a 14.6% increase compared to the prior year, primarily driven by the addition of My Home Group in November 2024. We ended the fourth quarter with approximately 14,135 agent licenses, a decrease of 1.2% compared to 14,300 agent licenses at the end of the prior year. The modest decline was primarily driven by continued softness in the real estate market, which impacted agent recruiting and retention, as well as a continued focus on improving agent productivity and overall network quality. Revenue for the real estate division was approximately $84.9 million in the fourth quarter compared to $87.7 million in the prior year period, representing a 3.2% decrease. The decline was primarily attributable to softer housing market conditions, including reduced transaction volumes during the quarter. For the full year 2025, revenue increased 26.8% to $399 million compared to $314.7 million in 2024. The increase was primarily driven by the addition of My Home Group in November 2024. Gross profit margin for our real estate division remained consistent at 5.4% for the fourth quarter of 2025 compared to the fourth quarter of 2024 as improvements from higher agent productivity and increased contribution from Elevate were largely offset by softer transaction volumes and revenue mix during the period. For the full year 2025, gross profit margin improved to 6.1% compared to 5.8% in the prior year. The increase was primarily driven by the continued expansion of our Elevate program, which enhances revenue per transaction as well as a broader initiative focused on improving unit economics, including pricing discipline and increased contribution from higher-margin transactions. Adjusted EBITDA loss in the brokerage division was approximately $200,000 in the fourth quarter of 2025 compared to adjusted EBITDA income of $40,000 in the fourth quarter of 2024. The year-over-year decline was primarily driven by lower transaction volumes in the softer housing market, which reduced revenue and operating leverage in the quarter, partially offset by continued expense discipline. For the full year 2025, adjusted EBITDA income in the brokerage division increased to $5 million compared to $3.2 million in 2024. The improvement was primarily driven by higher transaction volumes from the addition of My Home Group as well as improved unit economics, including increased revenue per transaction and ongoing cost optimization initiatives. Next, I will turn to our mortgage segment. Our mortgage business generated revenue of $3.4 million in the fourth quarter of 2025 compared to $2.0 million in the fourth quarter of 2024, representing an increase of approximately 70%. The growth was primarily driven by higher loan origination volumes and improved attach rates from our brokerage channel. Mortgage adjusted EBITDA loss for the fourth quarter of 2025 improved to approximately $200,000 compared to a loss of $600,000 in the prior year period, reflecting improved operating leverage on higher volume as well as continued expense discipline. For the full year 2025, revenue increased 17.4% to $12.8 million compared to $10.9 million in 2024. Adjusted EBITDA loss improved to approximately $500,000 compared to a loss of $1.5 million in the prior year, representing an improvement of approximately 67%. The improvement was primarily driven by higher revenue, improved attach rates and continued strategic cost reduction initiatives as well as increased efficiency across the platform. Turning now to our title segment. Our title business generated revenue of $1.8 million in the fourth quarter of 2025 compared to $1.3 million in the fourth quarter of 2024, representing an increase of approximately 38.5%. The growth was primarily driven by organic expansion and increased transaction volume from internal referrals. Title adjusted EBITDA loss for the fourth quarter of 2025 was approximately $300,000, consistent with the prior year period as higher revenue was offset by continued investment in personnel and infrastructure to support future growth. For the full year 2025, revenue increased 37.8% to $6.2 million compared to $4.5 million in 2024. Adjusted EBITDA loss for 2025 increased to approximately $1.2 million compared to a loss of $500,000 in the prior year. The increase in loss was primarily driven by continued investment in scaling the title platform, including hiring, market expansion and infrastructure build-out, which outpaced revenue growth during the year. These investments are intended to support increased attach rates and improve profitability over time. That concludes our segment review. Turning to our balance sheet and liquidity, we continue to maintain a disciplined focus on our balance sheet given the dynamic real estate market environment. We ended the quarter with a cash position of $5.7 million, reflecting our ongoing focus on liquidity management, expense control and operational efficiency. We did not repurchase any shares during the fourth quarter under our existing stock repurchase program. On March 18, 2026, the company entered into a $2 million financing arrangement, which provides additional liquidity and financial flexibility as we continue to execute our strategic initiatives and navigate current market conditions. That concludes my remarks on the financial results. I'll now hand it back to Marco to share more on our strategic initiatives and outlook.

Thank you, Daniel. Before we open the call for questions, I want to spend a few minutes talking about how we see the opportunity ahead as we move into 2026. What I want to emphasize is that the structural changes we have made to our business are designed to deliver meaningfully stronger results regardless of what the broader housing market does. We are not counting on a market recovery to drive our improvement. The pricing and fee changes I described a few minutes ago are already going into effect, and they fundamentally improve our unit economics at any level of transaction volume. At the same time, the long-term fundamentals for housing demand in the U.S. remain very strong. Regardless of when transaction volumes recover, Fathom is well positioned. And more importantly, we are entering the next phase of the business, which we believe will be very positive. Over the past several years, we have invested in building a scalable platform, expanding our agent network and developing our technology and ancillary services across mortgage, title and lead generation. During 2025, we took important steps to improve the economics of the model, including changes to our commission structure, the introduction of recurring fees and the continued expansion of higher-margin services. As a result, we believe our business today is stronger, more efficient and more diversified than it has been in the past. So even without a market recovery, we expect to deliver better margins and greater operating leverage. And if the housing market does begin to normalize or improve, which we believe it will over time, that becomes meaningful additional upside. And that brings me back to our four priorities we outlined earlier, which will guide our execution in 2026. We are focused on pursuing margin expansion, seeking to improve revenue per transaction and looking to increase the contribution from our higher-margin businesses. We intend to continue enhancing the agent experience with the goal of helping our agents close more transactions and grow their businesses. We also expect to explore new tools, new services and partnerships aimed at improving the customer experience and simplifying the transaction process. And we anticipate continuing to invest in technologies and AI, which we believe will be a key driver of efficiency and scalability across the platform. Together, these initiatives position Fathom to capture growth opportunities as the housing market recovers and to deliver stronger financial performance over time. Before we conclude, I want to take a moment to thank our employees, our agents and our leadership team across the organization. The past several years have been a challenging period for the real estate industry, and I'm incredibly proud of how our team has continued to execute, innovate and support our agents and clients throughout that time. Their work has positioned Fathom for what we believe is the next phase of growth. As we move through 2026, our focus remains on executing these initiatives because we believe they'll deliver materially improved financial results with or without a market recovery. To summarize, there are three points I would highlight from today's call. First, we made meaningful progress strengthening the foundation of the business during 2025, growing revenue and expanding the platform despite a difficult market. Second, the structural pricing changes we have made, including the new $250 transaction fee and the shift to a monthly recurring fee and more than 100% increase in gross profit for pre-cap Edge transactions, are designed to meaningfully improve our unit economics at any transaction volume. And third, our business is more scalable and more profitable per transaction than it has ever been. When the housing market recovers, we are positioned to capture the upside with significantly better margins. Operator, we're now ready to open the line for questions.

The operator provided instructions. Our first question is from Tom Hayes with ROTH Capital Partners.

Marco, I guess a couple of things. And again, I appreciate all the details. Really two things. One on the Elevate program, could you just reiterate what you said as far as your target to bring on new Elevate partners in '26?

Sure. Think of Elevate as a platform. There will be different kinds of agents who use Elevate in different ways. We have our regular Elevate offering, and then we created the START program that leverages some of the Elevate functionality and benefits into lead generation. Elevate will evolve into two or three different offerings under the Elevate platform. Our goal by the end of the year is to have about 1,000 agents on the entire Elevate platform. Right now, we are about 260 to 275. We think that by the end of the year we'll be around 1,000 agents on the platform when you combine agents on the basic Elevate program, START, and a couple of other versions of Elevate that we'll introduce over the year.

Okay. I appreciate that. And then on the new Edge program, just wondering what some of the feedback from the agents has been. That went into effect Jan 1, and can you just remind me that should be a margin contributor for the START, correct?

Yes. The Edge program is going live on April 1. We'll be working on adoption for several months after that. Many agents like the program because it compares very favorably against other companies that charge 20% or 30%. Keep in mind that our current base is grandfathered, so existing agents can remain on their previous plans, whether Fathom Max or Fathom Share; they don't have to move to Edge. That said, we've already heard from a variety of agents saying they want to move to Edge for reasons related to the cap and other benefits. We expect a percentage of our existing agents will move to Edge, while all new agents starting April 1 will be on Edge. Over time, with natural attrition and new recruitment, the percentage of Edge agents will grow and represent a larger portion of the total agent base. The new $250 brokerage fee will also be implemented starting April 1.

I appreciate that. And maybe just lastly, I know you and I spoke about it last time, but certainly, the agents are key to the Fathom story. I was just wondering about your strategic partner with ByOwner, because I think the for-sale ByOwner market is a significant opportunity as well. Any updates on that partnership?

Yes, absolutely. Our goal is to leverage a significant percentage of individuals who initially want to sell their house by themselves but eventually hire an agent—those numbers are high. Our partnership with ByOwner is focused on introducing our agent network to those sellers so they can experience the benefits of working with an agent. We are already in the early stages of the partnership, and we're already receiving leads from them. They are about to announce several partnerships that will be revealed soon, where Fathom will be the real estate partner for them. The ByOwner platform is going to be meaningful for us in Q2 and beyond this year. The positive thing about that relationship is it's focused on listings, so we expect to get a lot of listings from that relationship. I mentioned before that they currently get about 500,000 visitors a month, so they have a significant audience, and we'll be able to help ByOwner and our agents monetize and assist those clients who want the benefit of full-service agent representation.

There are no further questions at this time. I would like to turn the conference back over to Marco for closing remarks.

Well, I just want to thank everybody for joining us today. I know this is a long call, but there was a lot to update about our business and some of the key initiatives that we are already implementing for 2026. We look forward to a great year. We're very excited about the changes that we're implementing to our business that we believe are going to have meaningful results for our profitability and growth in 2026. I want to thank everybody for joining us and look forward to talking to you soon. Have a great week.

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.