Greetings. Welcome to the Powerfleet, Fleet Complete Fireside Chat. 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. Please note this conference is being recorded. I will now turn the conference over to your host, Jody Burfening. You may begin. Today's remarks will contain forward-looking statements. Actual results may differ from those contemplated by these forward-looking statements. Factors that may cause actual results, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements are described in the acquisition closing release issued yesterday afternoon. Any forward-looking statements made on this call are made only as of today, and Powerfleet assumes no obligation, nor does the company intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances. During this call, both GAAP and certain non-GAAP financial measures will be presented. The company refers you to the first quarter 2025 earnings press release, which was issued on August 22, 2024, for certain disclosures regarding non-GAAP financial measures. I would now like to turn the call over to Powerfleet's CEO, Steve Towe. Steve? Good morning, and welcome, everybody. It's been exactly six months since we last met to explore a transformative transaction that positioned Powerfleet as a leader in our vibrant, fast-growing market. With the close of the Fleet Complete transaction, this leadership position is now more than solidified. I'm incredibly proud of the remarkable opportunity set we now have under our direct control to drive an output which significantly increases our market value. We've executed all this while delivering very strong results in the first quarter following the MiX transaction, including top-line growth of over 10%, adjusted EBITDA growth of more than 50%, and $9 million realized in annual cost synergies. As we look forward to sharing more details on the Q2 financial and operational performance next month, today's focus is on providing deeper insights into the Fleet Complete acquisition and the numerous pathways it offers to secure outsized value for our shareholders. Next slide, please. You will hear today from many members of the exceptional leadership group we have assembled to take us on the next stage of our incredible journey. You will undoubtedly hear their passion, commitment, and they will demonstrate their laser focus on delivering the best possible outcome for our shareholders, our customers, and our colleagues. I couldn't be more delighted with the team that we have on the pitch to fight on our behalf in the marketplace. Next slide, please. To begin, let's dive into the details, starting with this slide, which captures the press release headlines for the Fleet Complete acquisition. In our fast-growing market, achieving a significant scale is critical to success. In just over six months, Powerfleet's revenue has surged from approximately $140 million to over $400 million, with more than $300 million of recurring SaaS revenue under management. Our employee count has expanded from 800 to 2,500, and we've grown our subscriber base from 700,000 to 2.6 million. The industrial logic for the transaction is sound and highly compelling. Fleet Complete brings not only scale, but also quality across multiple dimensions. From a revenue perspective, 70% of Fleet Complete revenues come from North America, and 88% of the global revenues are high-margin, recurring services. In terms of team and culture throughout this process, we've been highly impressed with the talented team at Fleet Complete, whose proven track record aligns with our strategic goals. Turning to go-to-market strength, Fleet Complete's relationships with top-tier indirect channel partnerships provides massive reach to the strategically important North American market. And through technology, Fleet Complete's FC Hub is built on state-of-the-art architecture, and their modern back office systems provide a robust foundation for operational excellence to support the scaling of our highly differentiated and disruptive Unity data highway ecosystem. Next slide, please. Moving on to the next slide. This acquisition aligns seamlessly with our previously communicated objectives and propels us towards continued success. The deal not only enhances our unique Unity platform strategy, but also adds a cohesive team of a further 100 software development colleagues, each with domain expertise, to rapidly scale the Unity ecosystem in line with the increased market demand we are encountering. It dramatically increases our go-to-market reach and creates multiple pathways for us to accelerate double-digit growth in high-margin, SaaS recurring revenue, particularly through best-in-class channel relationships, our fast deploy AI camera solutions, and a high-velocity sales model. We're also unlocking substantial cost synergies, with $10 million identified from this transaction alone. Additionally, the $11 million in fiscal 2026 synergies from the MiX acquisition, originally tied to back office systems migrations, are now significantly de-risked, thanks to the proven modern systems already in place at Fleet Complete. The move achieved dramatically our objective of having all the core ingredients to be a top global player in the industry. While we've come a long way in a short time, this is just an important milestone on our longer journey. Particularly important here is now to aggressively capitalize on the stellar cross-sell, upsell opportunity for our 2.6 million subscribers, our 8,000 plus enterprise customers, and more than 40,000 mid-market customers. The Fleet Complete acquisition strengthens our position and sets us up to evolve into a business with strong growth fundamentals and cash generation, all leading to even more enhanced value creation opportunities for our shareholders. I'll now pass the call over to the broader team, who will provide additional insight and detail, starting with Tony Lourakis, CEO of Fleet Complete, who will cover the Fleet Complete journey and the broader market opportunity. Tony? Thank you, Steve. Hello, everyone. I'd like to begin by sharing the incredible story of Fleet Complete, a company at the forefront of fleet and asset management solutions and the game-changing opportunities we're driving in the marketplace. Fleet Complete was founded in 2000 and is headquartered in Toronto, Canada, and has grown into a global force with over 600,000 subscribers across North America, Mexico, Europe, and Australia. Our mission is simple: to empower fleet-based businesses by providing smart, integrated solutions that transform how fleets are managed, assets are monitored, and workforce efficiency is maximized. We are proud to partner with some of the largest national mobile carriers in the U.S., Canada, Australia, and Europe. Not to mention, we're trusted by leading automotive OEMs in the light commercial vehicle market. Through these relationships, we're able to provide next-generation solutions to a broad customer base, which translates into tangible business impact. At the heart of our success is innovation. Our FC Hub platform enables advanced fleet management and business optimization, but that's just the beginning. Our flagship offerings include AI-powered video technology, designed for driver safety and real-time training. FC Vision enables fleets to reduce risks and improve outcomes with a simple 15-minute install. It's truly transformational for fleet-based businesses. On top of that, our platform leverages AI analytics and data science to give businesses a 360-degree view of their operations. From customized KPIs to advanced reporting, we're providing decision-makers with the insights they need to stay ahead, and with digital automation for compliance, like ELD and DVIR, we're streamlining processes that were once manual and time-consuming. Next slide, please. Now let's talk about the future, and it's a bright one. Next slide, please. The AI video market is exploding, and we're right at the forefront, with projections showing a 19% growth rate by 2028, and with less than 10% penetration in North America and Europe, there's a massive opportunity for us. Our best-in-class AI video solutions will drive both ARPU and subscriber growth and will be a critical addition to the Unity platform. And that's not all. There are 275 million commercial vehicles globally, and the connected vehicle market is expected to reach a staggering $440 billion by 2030. We're perfectly positioned to capture this potential as we continue to scale and monetize our integration ecosystem. With the addition of Fleet Complete to our Unity platform, we're making huge strides in consolidating the global IoT market. Next slide, please. What's driving this growth? First, let's look at the demand for safety and sustainability. Industries like transportation, logistics, and emergency response are facing growing pressures from regulations and sustainability mandates. The transportation sector, in particular, is the biggest contributor to greenhouse gas emissions, with new regulations calling for all electric vehicles by 2035 in places like California. Don't forget compliance. The administrative overhead for maintaining compliance, whether through driver qualification records or safety compliance standards, is only increasing. This is where our solutions excel. We not only ensure compliance, but we help businesses avoid the costly fines that come with violations, fines that can range in the thousands or tens of thousands of dollars per incident. Where does that leave us? In an incredibly exciting place. Powerfleet and Fleet Complete are leading the way in creating mission-critical solutions for businesses across a variety of sectors, and our impact is only growing. From AI video to data harmonization, we're helping companies transform operations, reduce risk, and unlock new levels of efficiency. We have a large addressable global market ahead of us, and with our innovation and partnerships, we're going to keep driving forward. Thank you. I would now like to pass the call to Jonathan Bates, Chief Product Officer of Powerfleet, who will walk you through Unity. Thank you, Tony. Unity is a truly differentiated value proposition. So let's first understand why Unity exists. In tying back to the market landscape that Tony laid out, there are millions of devices already installed all over the world, and the market is flooded with multiple vendors who all provide different devices with disparate data rule sets in dissimilar platforms, meaning that customers are getting a poor experience. This is forcing organizations to work with a myriad of different screens, trying to decipher all these different data languages and getting frustrated by a fragmented and labor-intensive experience. Next slide, please. This is why Unity is so craved by the market. We take away all of that pain for customers by harmonizing all of those different data sources into a single data language, unifying everything in a single pane of glass, and putting that data to work for our customers by making it easily consumable in whatever way a customer chooses. We've built Unity as a true one-stop shop that provides complete visibility and control over all asset types, from warehouse to trailer and logistics, into every single vehicle on the road, completely agnostic of data source, as well as solving for all of the key market drivers like safety, sustainability, and compliance. Plus, we offer a spectacularly broad product portfolio of our own, including IoT devices for any asset, as well as AI video for that rich video market opportunity that Tony spotlighted. Meaning that we address the entire IoT market, whether customers have devices already or not. This is a true game changer and a true differentiator, as it unlocks the entire park of assets globally for us to play in. Our modular and monetized AI-powered apps go over and above the standard that's prevalent in the industry, by creating predictable insights for all of the topics that matter to our customers, like utilization, productivity, electrification, and more, as well as solving for C-suite considerations like operational efficiency, ESG, and ultimately, we are powering our customers' digital transformation journeys. Unity is comprehensive for any asset type. We can provide all of it, some of it, whatever the customer needs, and we become the mission-critical application embedded at the very core of our customers' operations, with the opportunity to grow wallet share in each customer as their needs evolve. Now, let's take a quick look at how Unity's data highway works. Next slide, please. Here's a high-level view of Unity's data highway. Working from left to right and starting with data ingestion, IoT consolidation, the first hook. This first priority is all about customer acquisition, delivered through that consolidation. Whatever experience the customer gets today, we can give them a better experience through our harmonized ecosystem. We're hooking customers in with our device-agnostic data ingestion capability. We have customers with big silos of third-party data who come to us, and we can switch them to Unity and give them that better experience. We're also ingesting OEM data and other sensors. We're delivering end-to-end visibility in one place. Whether that customer needs to understand shipping data from the docks to the warehouse, or ingest fuel card transaction data or weather data, we can bring all of that into Unity, and ultimately, that means a consolidation of devices, sensors, and data across the market, and our first monetization opportunity. Then, once ingested, we harmonize that data, giving total visibility across every asset type, and we use AI to simplify and create those predictable insights that can then be consumed by the customer. We provide multiple ways for them to do that, and one key medium is our data-powered applications. Our modules are enterprise-grade with AI differentiation, meaning that they're experienced through data science and AI that adds value, that drives customers to pay more for these apps because they're bigger and better than anything else they can get in the industry. And they're modular, so we can charge per app, and are focused on delivering value to the key market drivers like safety, compliance, and sustainability. This is another key monetization driver for us, enabling us to grow our ARPU. And then on the far right, we are unifying our customers' business performance through integration. I want to share with you now how we're doing this. Next slide, please. Unified operations is what makes our customer's world go round, and for Powerfleet, this is the stickiness and another hook for new customer stakeholders, as well as another monetization opportunity that is further growing our ARPU. We have this comprehensive ability to improve the performance of the asset, the individual in charge of the asset, and the business process. Integration with the fundamental systems that a diverse range of customer stakeholders live in every day in their operations improves the end-to-end business performance through automation. Unifying our customers' operations creates compelling stickiness for Powerfleet, again, putting us right in the middle of their businesses and making us mission-critical to our customers, and this strategy also provides us with opportunities to sell to different budget holders like CFOs, CIOs, and CTOs. Those stakeholders, without Unity, are constantly battling inefficiency with the number of different screens their people need to look at, the number of people they need to deploy just to try and get a hold of the data, and then to try and make sense of it, even before trying to use it. With Unity, it's a dream for CIOs and CTOs, as we become like the AI automation assistant to their teams, meaning they can eliminate the manual elements of that data experience, catalyzing their digital transformation and creating optimal efficiency and a seamless data experience. And now that we've gone high and wide in these expanded stakeholder groups and won that piece, we naturally earn the right to win the other pieces in the more traditional parts of their mobile asset bases, driving even greater volume and stickiness. Next slide, please. We really double-clicked on how comprehensive Unity is. Now, let's just zoom out for a moment and take an example of what this all means for a customer. One market we operate in is the supply chain, for goods that need to be kept frozen throughout that chain. It could be food or it could be vaccines, for example. The point is that the key driver is that the temperature of those goods has to be monitored and maintained end-to-end. That's absolutely critical for the customer's whole business. With Unity, that end-to-end visibility is there throughout that complete journey of those goods into the hands of the end consumers, which completely simplifies the life of that customer and provides optimized value across the entire supply chain. Every single link along that chain provides further monetization opportunities for Powerfleet. Next slide, please. To finish off this Unity tour, we're absolutely delighted that ABI Research recognizes our product excellence, with a number one in the world ranking in a competitive assessment. Wrapping up my comments, with such an expansive market and multiple revenue stream SaaS model and innovative AI-led technology, Unity is poised for even greater sustained growth. Thank you for your time today. I'm delighted to pass the baton to Jarrad Simpson, Chief Operating Officer of Fleet Complete, who will share with you some of the key benefits of our business combination. Jarrad? Thank you, Jonathan. I'm extremely excited to be here with you all today to begin our deep dive into what the combination of Powerfleet and Fleet Complete represents for our stakeholders. Next slide, please. The team and I will walk you through seven key benefits of the combination that will unlock outsized value creation and ultimately, a valuation step change for our business. Beginning in the top left of the graphic, our combined scale creates a top three global player with the credibility to compete against the largest players in the industry. Secondly, and going counterclockwise, Powerfleet and Fleet Complete have highly complementary geographic footprints across key regions, specifically in North America and Europe, creating a significant improvement in quality of revenue and providing additional scale with which to leverage the clear distribution and cross-sell benefits of this combination. Taken together, these factors create a credible path to accelerated double-digit growth. Helping to underpin this double-digit growth, Fleet Complete's unique go-to-market model, which includes robust indirect channel relationships, particularly with national telecom carriers, presents an appealing revenue expansion opportunity. In addition to gaining expanded distribution, there is an immediate opportunity to introduce Powerfleet's Unity and in-warehouse solutions to the existing Fleet Complete customer base of more than 40,000 customers. The highly complementary nature of the combined business extends even further. The addition of Fleet Complete results in the further diversification of our customer base by adding a high-velocity, mid-market sales focus alongside Powerfleet's enterprise excellence. Unlocking accelerated growth and increased scale will further support Powerfleet's transition from an EBITDA multiple company to a revenue multiple company, ultimately demonstrating the valuation step change of the combined business. Lastly, the addition of Fleet Complete's 600,000 subscribers will strengthen and broaden Unity's data ingestion and integration capabilities. The team and I will now take the next few minutes to dive a bit deeper into each of these seven points. Next slide, please. I'll begin with the increased scale that has formed a powerhouse industry competitor. Next slide, please. Our combined business is now a top three global player with the customer base, distribution, and financial profile to compete effectively against the top players in the industry. With over 2.6 million subscribers, more than $400 million of high-quality revenue, 75% of which is recurring in nature, and a clear path to 20% revenue growth through expanded distribution and cross-sell opportunities, we are truly a force to be reckoned with. Additionally, our joint private equity pedigree and execution-oriented cultures have led to two of the most profitable standalone players in our industry now combining to unlock further operating leverage. A key piece of this unlock comes in the way of $15 million of transaction EBITDA synergies. This is a highly achievable target, split between a conservative $5 million revenue expansion goal and a $10 million cost synergy goal. With the ability to then reinvest savings into customer-facing initiatives, we are creating an engine that can deliver sustained Rule of 40 performance for the long term. To pick up on our path to double-digit accelerated growth, I'll now pass the call over to Charles Tasker, Powerfleet's Chief Revenue Officer. Charles? Thank you, Jared. Looking at the journey we've been on, three businesses, Powerfleet, MiX, and Fleet Complete. All three had to play a more defensive hand while operating individually. Having put Powerfleet and MiX together, and now adding the additional scale of Fleet Complete, as one business, we now have the critical mass in our go-to-market teams to get firmly on the front foot with our growth mindset. The combination uniquely positions us to achieve accelerated double-digit growth through a multipronged strategy, leveraging our increased scale to cross-sell and upsell as we get Unity into the hands of many more salespeople. With focus mainly on North America and Europe to expand with products into new market segments. Furthermore, with our work to unlock savings in G&A, we are reinvesting a lot of those dollars into sales and customer-facing activities, giving us the market reach to seize the opportunity for double-digit growth. Next slide, please. ... By integrating our Unity platform with Fleet Complete's 600,000 subscribers, we see significant cross-sell and upsell opportunities as we introduce high-value enterprise and mid-market solutions, especially across in-warehouse and on-road asset management. With the acquisition of Fleet Complete, we expand our geographic reach, doubling our go-to-market teams in key geographies such as North America, Europe, and Australia. This scale will allow us to penetrate deeper into new and existing markets. Our broadened and differentiated AI technology is designed for both enterprise and mid-market customers, enhancing safety, efficiency, and compliance, allowing us to address a broader customer base and generate higher ARPU. We're unlocking new revenue streams by launching cutting-edge compliance and AI-driven solutions, providing immediate upsell potential within our combined customer base. This unique combination of expanded sales capabilities and comprehensive product portfolio, and the extensive partner network will accelerate our path to double-digit growth across our key global markets. I'd now like to turn over to Craig Fisk, EVP of Sales and Marketing at Fleet Complete, who will expand on the indirect channel opportunity. Craig? Thank you, Charles. I'm thrilled to discuss the exciting revenue expansion opportunities ahead. With our strategic positioning, innovative solutions, and the strength of our combined resources, we're poised to unlock significant growth in key markets. Next slide, please. The combined strength of Powerfleet and Fleet Complete has created a compelling platform for revenue growth. By leveraging our complementary strengths, we're in a prime position to maximize value across our entire customer base. Here's why this opportunity is so appealing. First, a vast cross-sell potential. With a Fleet Complete subscriber base of over 600,000, we have a massive addressable market for Powerfleet solutions. What makes it even more exciting is the fact that 800 Fleet Complete customers in North America, representing more than 500,000 vehicles and over 750,000 trailers, are actively seeking advanced solutions like Powerfleet's in-warehouse and Unity platform solutions. This presents an immediate and tangible cross-sell opportunity. Second, a full product portfolio. Our ability to offer an end-to-end product suite that meets the needs of both enterprise and mid-market customers, positions us to capture growth across multiple verticals. This comprehensive portfolio, integrated with Fleet Complete's vast reach, ensures that we meet a wide array of customers' needs. To seize this revenue expansion opportunity, we are deploying a powerful multi-channel sales strategy. Our direct sales force of over a hundred and forty global sales professionals will be fully focused on executing our Unity strategy, which caters to all asset types and market segments. This direct approach allows us to penetrate new markets quickly and offer tailored solutions that meet specific customer demands. Our highly efficient indirect sales force will be key to growth and shift Powerfleet's current eighty/twenty direct model to a more balanced sixty/forty. Through our network of 350 resellers, OEM partners, and carrier partners, we can amplify our reach and provide a scalable path to market. For instance, our partnership with major North American and European carriers helps this channel not only increase our sales coverage, but access a broad enterprise and mid-market customer base, enabling us to cross-sell Powerfleet's enterprise solutions. Our focus on customer expansion is another critical lever for driving revenue growth. With a dedicated team of 180 specialists, we're actively working to upsell and cross-sell within our existing accounts. The combination of Powerfleet's cutting-edge solutions and Fleet Complete's established relationships provides a significant runway to expand our footprint within key accounts. This is a highly appealing opportunity. As these efforts translate into increased customer lifetime value, more predictable revenue streams, deeper market penetration, I am confident that this will support our driving towards a 20% growth target. Next slide, please. Now, let's dive deeper into our indirect channel relationships, particularly in the telecom space. Our indirect channel continues to be a highly efficient go-to-market model, providing us access to thousands of sellers globally, scaling from mid-market to enterprise. In North America, we built deep, long-standing relationships with AT&T and TELUS, which have been critical to our success. One of the key drivers of our performance has been our ability to differentiate and create strong mind share among our partner sellers. We've achieved this by deploying a dedicated team of regional sales managers in the field, aligned with our partners' regions. This team delivers personalized, one-on-one training and comprehensive sales support, ensuring we stay closely connected to our telco partner sales teams throughout the entire sales cycle. Our partners excel at upsell and cross-sell campaigns across their vast and diverse customer bases. We expect to see high demand for Powerfleet's in-warehouse solution within these campaigns, particularly given the high concentration of customers with warehouse operations at the core of their businesses. Unity's unique ability to ingest data, irrespective of device or source, is perfect for the evolving needs of their current and future customers. As an example, AT&T has over a hundred and twenty-seven million connected IoT devices that our Unity platform could support. Our telecom relationships aren't just limited to North America. We have key partnerships with national carriers across geographies, including Australia and Europe. These partnerships provide access to new markets where IoT adoption is growing rapidly, and we're able to deliver our fleet management solutions to meet local needs. In addition to telecom partnerships, we're also working closely with OEMs, particularly in the light commercial vehicle market. By leveraging OEM APIs, we can enhance vehicle data capabilities and provide a superior user experience. This positions us to be a preferred partner for selected OEMs in the LCV space. Furthermore, we're seeing growing demand from insurance companies that are increasingly requiring fleet management and video solutions. These solutions allow companies to access more affordable coverage while improving their overall safety and risk profiles. For us, this creates strong revenue opportunity as we expand our relationships in the insurance sector. In conclusion, Fleet Complete's indirect channel relationships, particularly within the telecom sector, are a significant driver of revenue expansion for Powerfleet. By partnering with global leaders in telecommunications, OEMs, and insurance, we've built a model that enables us to scale rapidly while delivering high-value solutions to customers. With our strong foundation of 140 direct sellers and over 350 resellers and partners, a large subscriber base that's eager for our solutions, we are well positioned to capitalize on these relationships and drive forward in achieving our 20% growth target. Thank you. I will now pass it off to Josh Betts, Powerfleet's General Manager of North America, who will dive deeper into the substantial opportunities across Fleet Complete's base when it comes to Powerfleet's Unity and in-warehouse solutions. Josh? Thank you, Craig. So let's dive deeper into the most immediate and impactful revenue expansion opportunities, which are already showing significant promise. Cross-selling Powerfleet's in-warehouse solutions and Unity into Fleet Complete's subscriber base. Powerfleet's highly differentiated, high ARPU in-warehouse solutions are perfectly positioned to tap into the six hundred thousand-plus subscribers in Fleet Complete's base. The cross-sell is natural, as the same stakeholders responsible for on-road safety and compliance are often responsible for in-warehouse safety and compliance. And what makes this opportunity particularly compelling is our ability to cross-sell into these customers through Fleet Complete's existing telco partnerships, such as AT&T. These relationships provide a proven, scalable, go-to-market engine globally, with established customer relationships and infrastructure already in place. I'm excited about the scale this brings. This enables us to leverage existing channels to enter new markets more efficiently, lower acquisition costs, and accelerate growth by reaching high-value customers more seamlessly. Let's take AT&T as an example. Through this partnership, we now have access to nearly all the Fortune 1000 companies. This creates both a cross-sell opportunity for existing enterprise customers and a significant new logo opportunity, enabling us to introduce Powerfleet's in-warehouse solutions to high-value customers we haven't yet reached. Next slide, please. With Unity, as we become more embedded in our customers' operations, we can continually introduce new integrations and modules that address additional pain points. This strategy drives volume expansion while ensuring high-quality, recurring SaaS revenue as customers expand their use of the platform. For example, we have a clear opportunity to go back to our existing customer base with Unity and further increase ARPU through device and data ingestion. By integrating more of their assets, from forklifts to trucks, we can unlock new insights and capabilities, expanding the platform's reach and increasing the value we provide. Similarly, Unity's unified operations allows us to ingest data from third-party systems like ERPs, TMS, or WMS. By positioning Unity as a central hub for operational data, we deepen customer reliance on the platform, essentially hooking them in for the long term. This reliance drives increased ARPU and long-term engagement. As we continue to deepen customer reliance, we create a path for incremental hardware sales by embedding Unity deeper into their ecosystems. With Unity as their central platform, why would they go anywhere else for their hardware needs? This ensures a long-term pipeline of hardware revenues as customers increasingly turn to us for both software and hardware solutions. Unity's modular nature allows us to continually harvest growth from existing accounts. As customers expand their operations and face new challenges, we can seamlessly introduce new modules and solutions, driving incremental ARPU over time. Whether it's integrating more of their assets, such as forklifts, trailers, or trucks, or introducing additional data sources, Unity's adaptability ensures that we are meeting their evolving needs. This reliance also opens doors for cross-selling opportunities. A logistics company that initially leverages on-road solutions for fleet safety and compliance may have similar needs within their warehouse operations. Conversely, a company focused on warehouse management often requires on-road solutions for visibility and safety. Additionally, an on-road customer who starts with our safety solutions can adopt our fuel optimization and sustainability modules to further improve efficiency and meet ESG goals, expanding their engagement with Unity. This flexibility enables us to tackle a wide range of operational challenges, making Powerfleet a strategic partner in their digital transformation. This leads to increased ARPU, stronger customer retention, and higher net dollar retention, locking in long-term relationships through the critical solutions and hardware we provide to support their operations. Next slide, please. To illustrate the power of our Unity strategy and how it leads to incremental revenue growth, let's take a look at a case study with a large North American truck rental company. When we first engaged with this customer, they were looking for a basic fleet tracking solution for their lease and rental vehicles. As we introduced Unity, our conversation was elevated to the CTO, who explained that while he wanted to provide his customers with a better level of service, he struggled with managing disparate data sources. His team was logging into multiple portals, exporting spreadsheets, and relying on analysts to make sense of the data. We started with a modest $7 ARPU for a vehicle gateway to be leveraged for simple tracking. But by integrating OEM data for enhanced visibility and diagnostics from their Volvo and Daimler trucks, we added an incremental $7. Next, we implemented a visibility module for $7, with plans to introduce additional modules for maintenance and sustainability in the future. Finally, through unified operations, we integrated their data into their analytics and maintenance applications, adding another $3 to reach a total ARPU of $22. This example demonstrates how Unity allowed us to get higher and wider in an account and turn an initial engagement into a long-term, high-value relationship. This has allowed us to remain sticky and provided a path to add additional vehicles, modules, and integrations, and increase net dollar retention over time. Thank you. Now I'm going to pass the call to Brendan Horan, Managing Director, Africa of Powerfleet. Thanks, Josh. I'm gonna illustrate the exciting opportunity for Powerfleet to diversify globally into the large, high-velocity mid-market. Next slide, please. Powerfleet has traditionally focused on large enterprise fleets and has not historically capitalized on the large and under-penetrated high-velocity mid-market. We see significant upside in arming our direct sales force in the USA, Europe, and South Africa with the Fleet Complete FC Hub offering, to acquire customers in what is still a large, under-penetrated global mid-market. On top of this demand for traditional telematics, this market is in the early adoption phase for easy install, cost-effective, AI-based video solutions, which Fleet Complete have brought to the market with a unique offering. Specifically, in South Africa, the mid-market remains highly under-penetrated, with a TAM of upwards of 2.5 million light commercial vehicles. At this point, we're sharing very little of the customer acquisition and devices fitted monthly in this high-volume space. We have a strong direct and indirect presence, extremely hungry to distribute this very compelling solution. When coupled with our market-leading security services, we see an extremely valuable unique risk mitigator to add value to our established relationships in the commercial insurance space, as an example. We are also seeing the early stages of video adoption in smaller enterprises, which makes the timing of this opportune. We're in the early stages of also building our telco channel with a market leader in both South Africa and the rest of Africa, something that Fleet Complete do very well, and we see exciting growth opportunities here. Our indirect sales team will also be targeting the cross-sell with our premium fleet partners in 33 African countries, to embrace this new light fleet solution in favor of the current solutions they support in significant volume. I now hand over to Melissa Ingram, our Chief Corporate Development Officer, to further expand on the value creation. Thanks, Brendan. I'll now tackle how this combination helps to accelerate our shift from being valued on an EBITDA multiple to a revenue multiple. Next slide, please. This slide is a preview of the pro forma financial projections that David and Cynthia will go over in more detail later in this presentation. In this section, I'll focus on how we'll execute our integration and EBITDA expansion execution plans at pace to set the company up for the accelerated growth you've heard the team talk about today. In these pro forma numbers, underpinning the EBITDA projections are two streams of EBITDA expansion. The first stream, which we're well underway in executing, is the $27 million unlocked from the MiX combination within two years of closing. The extended timeline between signing and closing allowed our team to develop a comprehensive integration plan and prioritize initial focus areas for EBITDA improvement. This preparation enabled us to make significant strides in the first half of fiscal 2025. We're executing our tried and tested integration playbook and focusing on the cost synergy areas of duplicate costs, ways of working, leveraging economies of scale, and evolving our portfolio and evolution experience. Our approach is meticulous and systematic, with a series of defined initiatives that are now in full execution mode. The Fleet Complete acquisition, which brings a maturity of infrastructure of the business and a transformative mindset of the team, not only helps de-risk the Powerfleet and MiX 27 million EBITDA expansion plans, it also creates the opportunity for a second stream of EBITDA expansion, which is an additional 15 million in EBITDA from revenue and cost synergies within two years of close. Next slide, please. Let's first look at our EBITDA expansion performance from the MiX combination in more detail. As you can see on this slide, our clear plan and our execution focus has paid off. By the end of the first quarter, we achieved $8.7 million of EBITDA expansion from the Powerfleet and MiX combination, and we've currently surpassed $10 million in EBITDA unlock. The biggest synergy realization has come from the area of duplicate costs, as expected, including public company costs, marketing spend, and other overlapping fixed costs. Our business now operates seamlessly as one, with a combined leadership team driving execution. We've also consolidated our previously subscale business units in overlapping markets, optimized our facilities, rationalized IT tools, and tackled certain categories of vendor spend. Looking ahead for the full year, we're targeting $16 million of EBITDA expansion as we continue to execute on our year one plan. For year two, much of the synergy unlock will come from deploying a common set of scalable business systems, including a common ERP, which will allow us to gain efficiency and tackle our elevated G&A to unlock a further $11 million of EBITDA. Importantly, our partnership with Fleet Complete significantly de-risks our year two plan. Fleet Complete has been successfully operating the same business systems that we're now in the process of implementing, and their experienced team, who have managed these systems for over three years, will play a crucial role in integrating these systems throughout the combined company. In short, we're highly confident in our ability to achieve our EBITDA expansion objectives from the MiX and Powerfleet integration, and the addition of Fleet Complete at this juncture acts as an enabler for efficiency at scale and speed in the combined company. Next slide, please. Now, let's take a look at the Powerfleet and Fleet Complete combination, where we expect 15 million of EBITDA expansion within the first two years following close. We've identified, firstly, 5 million of EBITDA expansion from revenue synergies, which we believe to be conservative, given the potential opportunity, and secondly, 10 million from cost synergy unlock across the combined business. For the cost synergies, we've identified 4 key areas: hardware consolidation, supply chain efficiency, and third-party spend, duplicate costs, and tackling our overlapping geographies. In hardware consolidation, our most significant opportunity is for Fleet Complete to source hardware directly from Powerfleet instead of third parties, as they do today. We estimate an opportunity for 3 million in synergy unlocked from this area, and this not only simplifies our operations, but also opens an opportunity to enable efficiency in our supply chain. Turning to supply chain and vendor spend, Powerfleet has strong skill and capability in driving an efficient and effective manufacturing operations and distribution model, which we'll look to apply across the combined company. We'll also align our procurement function to enable us to leverage our greater purchasing power across our estate of third-party vendors. We anticipate $2 million of cost savings from this area. In the duplicative costs category, we've identified various duplicate costs that will naturally be removed or reduced as a result of our combination with Fleet Complete, including insurances, audit, compliance, legal entities, and marketing alignment. We'll also bring together our back office functions in finance, HR, IT, and legal to focus our resources more strategically for the enhanced scale of the company. We anticipate $2.5 million of cost savings from this category. Finally, in our overlapping geographies, streamlining operations in key regions will allow us to prune our duplicate fixed costs and optimize our infrastructure and resources, unlocking an additional $2.5 million in cost savings. Next slide, please. The key question that is naturally going to be asked is: Are we biting off more than we can chew, taking on an acquisition just six months after the combination with MiX? Our view on that is no. Last April, in a prior fireside chat, I said that we had six to nine months of deep and complex integration ahead of us to transform our operations, refocus our priorities, and build a solid foundation for future growth. Our objective then was to emerge from that period as a stronger business, with the foundations in place to scale both organically and inorganically in the future. That transformation is exactly what we've achieved. Through every part of the business, we focused on a state of readiness for our next phase. Our organization now has a robust framework, a harmonized leadership team, cohesion in our technology and product, and a rationalized cost base, making us ready to take on more scale. In terms of the Fleet Complete integration, we now have the ability to integrate at the pace that the market demands to realize efficiency, as well as at a pace that we're comfortable with, ensuring we can effectively manage what we take on. We have the optionality to press on the accelerator or slow down, depending on how we feel the remaining integration priorities within Powerfleet are progressing. With the optionality we've created for the Fleet Complete combination, we're not only ready, but well-positioned for this next chapter of growth. Thank you, and I'll now hand it over to Frank Friesacher, CPO of Fleet Complete, who will talk you through how this acquisition strengthens Unity's capabilities and reach. Frank? Thank you, Melissa. Okay, well, let's look at what Fleet Complete brings with its technologies and its data from over six hundred thousand added subscribers, and how this broadens Unity's data and integration capabilities, all while accelerating Unity's overall reach. Next slide. Bringing Fleet Complete into Powerfleet enables significant opportunities for growth, particularly as we integrate Fleet Complete's technologies and data with the Unity ecosystem. With the addition of over six hundred thousand subscribers, including years of their data, thousands of use cases, and more OEM connections and device types, this combination will truly enable an immense range of capabilities. This will ultimately strengthen Unity's integration capabilities and its overall data story in ways that can exponentially increase market impact. With Fleet Complete, this expansion isn't just geographical, although we are expanding product presence across North America, Europe, and Australia.... It also brings more product options and opens up new and exciting segments for the Unity sales, such as with government agencies, emergency response, and insurance sectors. Importantly, it also unlocks new mid-market opportunities, something especially important to Powerfleet's network of over 150 partners. Integrated with Fleet Complete's FC Hub platform is FC Vision. The success of this AI-powered video telematics product is a proof point for customers valuing an extensible, single pane of glass view of their operations. FC Hub's third generation IoT platform offers high performance, scalable and secure infrastructure designed with a unified, best-in-class user interface. Together, these are ideally suited to deliver on key elements of the Unity playbook, essentially forming a springboard for accelerating the reach and breadth of the Unity ecosystem. Next slide, please. Fleet Complete's state-of-the-art AI-powered vision solution and the FC Hub platform are built on the latest tech stack in the industry. At the heart is a robust IoT data lake, structured for AI and proven to deliver efficient data ingestion, storage, and real-time multidimensional analysis, all needed to enable fast decision support at scale. Its architecture and application framework also position Unity to scale quickly and to enhance the unified single pane of glass customer experience. This infrastructure further enables us to handle more IoT devices, boosting the ecosystem to now cover over 600 device types. Combining product and technology teams will expand the R&D team to over 400 strong, providing all the skills and specialized experience to be a force for continued competitive innovation. This added horsepower means we can introduce more products and integrations to lead the market while creating a more powerful, unified operations platform for our customers. With more data coming in and more AI-enhanced products and services, we will expect to see increasing ARPU and even greater customer retention as we deliver even more value. Next slide, please. At its core, the Unity ecosystem is built to be highly adaptive and integrative, anticipating the future needs of a diverse industry. Being device and data source agnostic means our platform can work with and harmonize virtually any data source to focus on the value creation around the flexible use of the data for what businesses need most. This flexibility, coupled with AI data insights, allows us to unify operations seamlessly across various verticals, from logistics and EV solutions to AI cameras and cold chain management. Powerfleet's deep enterprise experience, combined with Fleet Complete's high-velocity mid-market strategy, positions us to deliver unparalleled value to a broad spectrum of customers, making Unity a truly disruptive player in the market. As you can tell, we're really very excited about what's ahead and look forward to driving and unlocking more unique value for both our customers and our investors. Thank you. I will now turn it over to Cynthia Scipa, CFO for Fleet Complete. Thank you, Frank, and great to meet everyone on today's call. I'm excited to share my insights on the market, the opportunities ahead, and how the combination of Powerfleet and Fleet Complete is ideally positioned to generate outsized returns. Next slide, please. The market we're operating in is truly exceptional. A perfect proof point of its strengths is Samsara, which is growing at an impressive 40% on an ARR base north of $1 billion. Growth like that is practically unheard of, and we're thrilled to be part of this dynamic, rapidly expanding market. But it's not just about being in the right market, it's also about having the right go-to-market strategy. Powerfleet's Unity platform is not me-too play. Unity offers compelling differentiation, particularly through its device-agnostic capabilities. This gives us a highly effective competitive wedge, enabling us to stand out in the market and offer something truly unique and valuable to customers. Execution is a cornerstone for both Powerfleet and Fleet Complete, thanks in large part to our shared private equity pedigree, shaping an ability to drive radical change and deliver value. Fleet Complete is a business already transformed, initially through successful M&A activities, and more recently through extensive EBITDA optimization. Powerfleet's track record speaks for itself, delivering a 10% increase in annual revenue and an impressive 50% jump in EBITDA, while simultaneously realizing $8.7 million in annual cost synergies in the first 90 days following the close of the MiX transaction. Building on the content that was previously shared by Melissa, extracting cost synergies while maintaining operating excellence is a core combined competency. With trailing twelve-month EBITDA exceeding $70 million and $37 million in identified cost synergies, reaching close to $110 million in annualized EBITDA is largely within our direct control. At a 10 times EBITDA multiple, this translates to 25% of upside to current trading levels. With the realization of cost synergies providing meaningful appreciation to current trading levels, there is also massive upside to building a business with accelerating double-digit top-line growth, achieving this opens up the opportunity to unlock massive shareholder value through a re-rate from an EBITDA to revenue multiple business. Next slide, please. Before handing the call over to David, I'll quickly cover the size and scale of the combined business, which is based on a simplifying assumption that the transaction closed on April 1st, 2024. Firstly, combined revenue of $405 million, with the MiX of North American revenue improving to 43% of total revenue and the percentage of recurring revenue within reach of 80%. Secondly, combined EBITDA of $85 million, with significant upside from run rate cost synergies to be realized in fiscal 2026. I'll now turn the call over to David Wilson, Chief Financial Officer of Powerfleet. David? Thank you, Cynthia, and great to reconnect with so many of you on today's call. Next slide, please. I'll start by providing a quick overview of our near and longer-term guidance. There are three key takeaways. Firstly, we are reiterating our expectation of meeting SaaS Rule of 40 performance by the end of fiscal 2026, opening up the opportunity for a massive re-rate in equity valuation. Secondly, revenue, where we expect accelerating double-digit top-line growth over the medium term with long-term expectations of north of 20%. And finally, the strong operating leverage in the model with EBITDA margins expanding to 35% over time, with both margin gains as Unity drives revenue streams that are increasingly pure software. We harvest significant savings from inflated levels of G&A, leverage our affordable geographies in South Africa and Mexico, and we benefit from go-to-market efficiencies from strong net dollar retention and reach, particularly from Fleet Complete's channel relationships in North America. While not covered directly on the slide, a quick note on leverage with pro forma gross and net debt, $250 million and $235 million, respectively, representing approximately three times 2025 EBITDA and two times 2026. Moving on to the valuation scatter graph on the next slide, which neatly illustrates the value unlock from a re-rate to SaaS revenue multiple company. While this slide will be familiar to many of you, with the dotted line representing the positive correlation between Rule of 40 performance and revenue multiple valuations, there are a couple of important changes and call-outs. Firstly, the deep discount of Powerfleet's value, which is over 50% lower than the dotted linear regression line, highlighting the asymmetric upside versus downside identified by Cynthia. In addition to the valuation spread, Fleet Complete also provides $100 million of incremental revenue, providing increased scale to the re-rate opportunity. Secondly, the increasingly rich value of Samsara, which at over 20 times revenue, is literally off the chart. Samsara was once an aspirational comp for us, but with the rapid closing of both the MiX and Fleet Complete transactions, it's now a very tangible one. Moving on to the next slide. On headline Rule of 40 performance over time, you can see the rapid progression to meet and then beat the benchmark with an immediate focus on rapid EBITDA expansion while working in parallel to prime the pump to accelerate revenue growth over the medium term. The next slide provides a waterfall chart of the rich opportunity set that exists to radically transform top-line performance and reach an annual growth rate of 20% or higher. It all starts with Unity, which is a blueprint for best-in-class net dollar retention of 120 or 20% of annual growth. Secondly, there are the channel relationships secured through Fleet Complete acquisition, sized at 15% of annual growth. The context, during Steve's tenure scaling the second-largest telematics provider in the world, top line was growing at a 35% CAGR, driven in large part by an indirect sales relationship with the global telco. Lastly, Fleet Complete's newly launched quick Install AI camera solution presents significant opportunities in the rapidly growing market and is sized at 10% of annual growth. With less than 10% market penetration, the AI camera segment has been a key driver of market growth, accounting for close to half of Samsara's top-line gains. While we've sized and timed these three growth vectors to illustrate the potential, we recognize that the timing of market traction is a variable we do not fully control. As a result, we've prudently tempered our long-term growth projections by approximately 30%. The next slide closes out our Rule of 40 deep dive that provides a waterfall chart view of the sources and timing of EBITDA margin expansion, a core competency and an area where we hold the most direct control. Unity remains a central theme, driving top-line growth and expanding gross margins by 10 percentage points to 65%. This is fueled by revenue increasingly coming from pure software, enhancing profitability.... G&A savings and efficiency represent the largest contributor to EBITDA margin growth, accounting for an 18% improvement in our expense to revenue ratio. Cost synergies, the build-out of best-in-class back office systems, and leveraging cost-efficient regions like South Africa and Mexico offer rich, tangible avenues to savings. These G&A efficiencies also allow us to scale within our current cost structure, with a portion reinvested into go-to-market efforts, supporting accelerated top-line growth while absorbing the shift of engineering spend from CapEx to OpEx. Now turning to cash generation on the next slide, and an overview of EBITDA to cash conversion based on our fiscal 2026 guidance of $130 million in EBITDA. The key takeaway is the strength of cash conversion, with over $50 million, or 40% of EBITDA, being converted into cash. Looking at the key cash charges impacting EBITDA, CapEx is estimated at 9% of revenue, with the main components being internally developed software of close to 3%. This is expected to decline over time as R&D efforts shift from development to maintenance. In-vehicle devices range between 5-6 percentage points. This, too, is projected to decrease over time as our revenue MiX increasingly evolves towards pure software. Beyond the roll out of new back office systems to support synergy realization, recurring residual CapEx remains modest. Cash interest is expected to total $25 million, assuming $250 million in gross debt. Over time, this figure will decrease as we use excess cash to delever. Cash taxes, initially sized at 12% of EBITDA, are expected to rise to around 17% over time. The impact of working capital is expected to be modest as we optimize current levels in the medium term, while in the longer term, working capital has the potential to be a source of cash as we earn the right through Unity to contract revenue annually or quarterly in advance. This outlook remains illustrative. We will continue to incur costs throughout financial year 2026 to realize additional cost synergies with the one-time cash cost sized at $10 million. Our guidance also includes the benefit from annualized run rate cost synergies. Before opening the call to Q&A, here's a quick summary slide on our business viewed through two lenses, growth vectors and investment takeaways. The most important call-out is how tightly aligned the Fleet Complete acquisition is with our previously communicated priorities and outcomes. The industrial logic of the deal is truly compelling. It sharpens our operational focus rather than dilutes it and accelerates our forward momentum. On the growth front, we've laid a strong foundation for driving sustained double-digit top-line growth. The market response to Unity's ability to address acute customer pain points is unmistakable. We're actively expanding our go-to-market capabilities to fully capitalize on this growing opportunity. On the investor side, given the assets and opportunity set that we now have under our direct control, this really is an execution story. With the Fleet Complete transaction now closed, we are ideally positioned to deliver exceptional operating results and, by extension, precise shareholder returns. Thank you for your ongoing interest in the Powerfleet story, and we will now open up the call for questions. Operator? Thank you. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question 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 poll for questions. Your first question for today is from Scott Searle with Roth Capital Partners. Hey, good morning, good afternoon, and thanks for taking the questions. Thanks for hosting the call. Appreciate all the detail. Maybe real quickly from a high level, I think the simple question we get from investors a lot is the re-acceleration of growth. You're clearly starting to indicate that we are starting to see that in terms of the order patterns even before the Fleet Complete acquisition, but now talking more strongly about getting to that 20% growth figure. I was wondering if you could just tick through again those opportunities. I think what I saw in the presentation was Unity driving 20% growth, indirect telco channels driving 15% growth, and then the AI FC camera opportunity driving another 10% kind of upside. So I guess if you could kind of just walk us through again quickly, getting to 20%, and kind of how you stack rank the timing and probability of those contributing factors. Okay, so David, why don't you take the mechanics of it, and then I'll talk through the timing and the prioritization. Yeah. So Scott, you, you're absolutely right. One of the key attractions of the deal is just the additional cylinders it adds to the growth engine. And clearly, when you look at the channel opportunity specifically, and you look at Steve's track record in terms of driving a business that had a CAGR of 35%, largely on the back of a really strong global telco relationship, that clearly is a big pickup versus what we had before the Fleet Complete transaction. So, so that is significant. In addition to that, the quick install, AI camera that we pick up with Fleet Complete is also a terrific add. And if you look at the segment of the market that is growing the quickest, that clearly is the AI camera stuff, and as we noted in our prepared remarks, that's been driving close to 50% of Samsara's, you know, best-in-class growth. So both of those things are significant, both of those things are large, and it layers on top of Unity, which we believe as this platform progresses, as we bring customers on board, it is a blueprint for best-in-class net dollar retention. In terms of timing, these things do take time, so it's not as if you immediately gain traction. So I wouldn't be increasing the sort of the 10 percentage points of revenue growth that we're projecting for next year on the back of that. But what I think it does do, as we get these additional avenues up and running, it really does give us the ability to see strong acceleration from 2026 onwards, and also in terms of our ability to hit 20%, I think it's massively de-risked, given the additional avenues of growth we now have at our disposal. So just to kind of layer on top of that, then, you know, what this acquisition gives us is, first of all, a much extended go-to-market reach. It also scales the territories where we think we have the best chance to provide high-quality SaaS revenues, so, you know, most notably North America, Europe, and Australia. And if you think about the, what we've been able to do with getting growth on Unity, with the limited go-to-market resources that we have, getting those expansion opportunities, whether it's globally from a territory perspective of scale, whether it is getting in the hands of more and more salespeople and having more access to large asset parks, or whether it's actually now across a broader set of asset types, whether that is passenger cars, light commercials, heavy trucks or the warehouse, we now have a much broader scale. To David's point, there's a lot of wood to chop for us to get that highly effective over time, but it's so compelling now in terms of our value propositions across the C-suite, our value propositions from a geographical perspective, from mid-market into enterprise, and from all asset types. So this really does make us that one-stop shop. And as long as we execute a very strong sales model and a very strong customer success model, which unlocking the G&A spend to pivot that into both organizations, is all part of this thesis, we should be super well placed to be a top vendor of choice and ultimately the trusted advisor in the industry for medium to large enterprise. Great. And if I could, one more, and then I'll hop back in the queue. But it sounds like the indirect telco channel is pretty powerful. I think it's about 40% or so of the MiX of Fleet Complete, and it's been growing at a good clip. How quickly does it take to get that channel prepped and primed and ready to sell the Unity platform and the core, Powerfleet, portfolio? Thanks. Yeah. So the very top line, it's kind of, we expect six months from now to have that channel starting to move. But maybe Craig and Tony, just give you your context from, you know, just some of the mechanics that it takes, but once you get this stuff going, just how it starts to fly. Thanks, Steve. Tony here. Happy to add to that. Yeah, so the teams have been preparing separately as from signing over the last couple weeks up until close, and we are actually ready to literally start today working on those projects. So we will be kicking off in the coming days the implementation projects to onboard the Powerfleet products into the channel partners we have in North America. So we're really excited about that. We've preempted that with some conversations with them about those products, so they're also on the channel side excited about bringing those products on board. It typically takes, you know, up to two quarters to create all the billing codes and the marketing material and the approvals and all that sort of stuff. So as Steve said, about six months, but we will start filling the funnel, and maybe, Craig, you can speak to that, in the coming weeks. Yeah, absolutely. Thanks, Tony. Yeah, we, as Tony has said, as we operationalize this, in conjunction of this, we will be working with the sales leadership, introducing them to the in-warehouse solution in Unity, getting them excited. These do take time to come to full adoption, so as we're operationalizing, we're also building funnel, which is exciting. Hey, great. Thanks so much. I'll get back in the queue. It's exciting to hear the growth starting to accelerate now, at least the comfort level with that visibility as we get a little bit further out there. And Steve, it certainly sounds like that 15%-20% ARPU uplift when you looked at the core Unity platform has expanded pretty dramatically now with Fleet Complete. Thanks so much, guys. Your next question for today is from Anthony Stoss with Craig-Hallum. Morning, Steve. Actually two-part question. Let me give you the first one off the top here. On the services gross margin side, how long do you think it'll take to extract some of that synergies, consolidating web hosting, et cetera, et cetera? And then, I have a follow-up after that. David, do you want to take that one? Yeah. So obviously, services gross margin, there's different ways that will expand over time. Tony, you're absolutely right, in terms of one of the avenues we do have is our ability to really consolidate in terms of all the underlying systems. That is a longer term endeavor. It is important in terms of what it will realize, but the primary driver of gross margin expansion over time is really driven by Unity, and it's the business and the revenue streams evolving, so they're increasingly pure software. But in terms of getting efficiencies, in terms of the platforms, that will get lined up. Obviously, there's always competing demands in terms of engineering resource, so some of it is driving efficiency, some of it is also driving towards more feature functionality, and we need to carefully balance those things. Also appreciating that the quicker we get on to new modern architecture, the quicker we can move, too. So it is a multivariable. We don't have all that solved yet, but I would say in terms of driving benefits from reducing compute spend, I think it's a longer term endeavor versus anything that's gonna happen over the next sort of four to six quarters. Got it. Thank you, David- What I was saying, in general, and sorry, sorry, Tony, just what I would add is just, you know, we will, we will be harvesting the bases, we will improving ARPU. There will be more focus on software revenue, which is higher margin. So I think, you know, as we've laid out in the guidance, as you can imagine, the uptick in terms of our revenue growth, you'll see that expansion in service gross margin come through. The economies of scale, just around installation, your support models, all of that stuff, you know, Melissa and team have plans in terms of being able to make that super efficient. So, you know, within the 18-month, two-year horizon that we're talking, we'll see a nice tick up in service gross margin. As David says, as we do the integration pattern, and we harmonize on the architecture and the hosting, that's a bit of a longer term path play, but, you know, we see incremental value coming in nice increments over the next complete year period. Perfect. Thanks for the added detail. Then if I could address the next question to Tony from Fleet Complete. If you could give us a ballpark guess, what percentage of Fleet Complete customers already have an existing warehouse solution? Or what do you see as kind of the low-hanging fruit that can be cross-sold into Fleet Complete's customers? Oh, thanks. That's a great question. It's one of the topics that excites me the most, frankly. And as you can imagine, most fleet-based businesses have a warehouse element, where they have the sort of assets that Powerfleet can help optimize and track inside a warehouse building. So I think the percentage is quite high. We don't have a precise figure on it, but it's if I had to, you know, ballpark it, I would say it's probably in and around at least half, because I expect that most transportation and logistics-based customers and perhaps even construction-based customers have a warehouse component for equipment or for the products that they move. And those two segments represent more than half of our verticals or customer base in North America, for example. Yeah, and just, just adding into that. So I think there's two opportunities. There is the cross-sell into the existing base, and talking with Tony and his general managers around the world, who manage some of the large partnership relationships that they have, it's been a core requirement that people are asking for in their own customer base. So, you know, the customer of our customer, that Fleet Complete hasn't been able to fulfill this point in time. So it's a new business opportunity alongside being an extensive installed base, upsell opportunity. Perfect. Thanks for all the detail, guys. Appreciate it. Your next question for today is from Gary Prestopino with Barrington. Hey, good morning, everyone. Several questions. First of all, just, back of the envelope, it looks like using your projections for fiscal 2026, after you pay, do CapEx, cash taxes, interest, you're gonna have close to about $50 million of excess cash flow, and that should grow going forward. Could you just tell us what the priorities would be? It would seem that you would use that money to pay down the debt you took in the deal, but I just want to get it directly from you guys, what you're gonna do with that excess cash. Yeah, clearly, paying down debt. We built the optionality to do that, Gary. It is a very fine piece of cash, so, getting very comfortable with the balance sheet, I think is a smart initiative to do. It also gives us more optionality as well. Obviously, this is an incredibly interesting market in terms of just the growth dynamics, and all three businesses have traditionally been pretty constrained in terms of their ability to really lean into that momentum. So it does give us additional optionality we probably didn't have available in the past. But the only overlay I'd say there is, we are good stewards of capital. We appreciate that if we're growing, it needs to be at a reasonable price as opposed to any price. So we will remain focused on strong cash generation. We will not be doing speculative things just because we have so many things ahead of us and at our fingertips that are compelling. So we will be very disciplined, but it does give us a little bit more optionality that we have not, to be frank, had in the past. Okay, that's great. And then, in terms of... You gave us a lot of metrics in terms of the cash flow and all that, or to calculate cash flow. I was wondering, could you give us an idea of, with fiscal 2026 on a full year run rate, what the annual G&A expense is gonna be? Yeah, so it will decline over time, and obviously, we have the impact of all the intangibles as well, Gary. Mm-hmm. So I'm gonna sort of put a pin in that one. I'm happy to sort of connect after this call, but we're really gonna have to go through the purchase price allocation for the Fleet Complete- Mm-hmm deal, too. Just so we have all the moving parts, so we can give you a complete picture, as opposed to just doing this on a piecemeal basis. Okay. And then, as we model out the back half of the year, would it be a safe assumption that I think it's the incremental $25 million of Adjusted EBITDA from Fleet Complete will that be fully realized, or is it more linearly growing, and then the full realization comes in fiscal 2026? Yeah. So- You're getting half a year. Yeah, exactly. The guidance as presented is pro forma for the deal closing April one, just so we can present the full annualized view. I think that is more helpful than a stub period. So in essence, you should think about $12.5 million of EBITDA flowing through in the second half of the year. Okay. And then lastly, you know, prior to the close, obviously, it was in the market that this transaction was going to be done. What was the feedback you got from both companies' sales forces as they went out and talked to their client base, knowing that with their client base, knowing that this acquisition was contemplated? What were some of the key things that the sales force was telling you guys that the market or the clients were saying about the deal? Tony, do you want to take that one? Yeah, sure. So I personally spoke with some of our largest customers in North America over the last few weeks since we announced the deal, and just incredible excitement and feedback. You know, we. I think on a combined basis, we're gonna be able to solve problems that we haven't been able to solve for them in the past, where they had to go to disparate systems. And now being able to do that, you know, under one roof or one-stop shop, and eventually in a single pane of glass, really excites them. So I think, customers, especially our larger ones, are in particular excited about the in-warehouse platform and the Unity platform. I think the problem that Unity solves is a profound one. It's very real. It exists out there, especially in the enterprise. Enterprises have disparate systems of IoT devices and sensors, and pulling that data together into a common place and synthesizing it and creating insights out of it is of great value to these organizations. So, they're all looking forward to learning more in the coming days and weeks, and I imagine opportunities and deals will come out of that soon. Yeah. And I think it, it's very much mirrored in the Powerfleet base. I think the one thing that has really come home for us is the confidence that this gives our customers, that we are the long-term vendor of choice, particularly in North America, with the scale that we now have. The ability to add in the AI camera solutions that are, you know, I think unique in the marketplace, plus the installation capabilities of those, are transformative from a Fleet Complete perspective. But I think people, you know, they've always been looking forward to the dream of Powerfleet. The move we've now made, I think, just gives them supreme confidence that, you know, against some of our competitors out there, we are now the real deal in terms of a very credible alternative to them. They see a path to growth, so they see now that we have the long-term investment capabilities to be a true mission-critical partner alongside them. Thank you. Your last question for today is coming from Alex Sklar with Raymond James. Great. Thank you. Steve or Charles, just in terms of go-to-market now, you've got solutions. You talked about today supporting the largest enterprises all the way down to smaller fleets and some of the indirect channels. So as you've kind of taken some fresh eyes on your coverage of the TAM, now with a much larger go-to-market organization, can you just talk about how you're thinking about allocating some of those resources? Where is the sweet spot you're focused on, either in terms of fleet size or geo, over the next kind of twelve, twenty-four months? Thanks. I think there's a couple of things to answer there, so as we've previously stated, you know, really putting significant stakes in the ground in terms of resources for North America and Europe, that remains our priority. We will continue our surge as Powerfleet was standalone in terms of increasing its go-to-market resources in that enterprise space with proper SaaS-oriented salespeople who sell across the C-suite, and we'll have the ability to increase that even more than we've previously articulated, and then secondly, from a channel perspective, it's, you know, as Tony and others have articulated, Fleet Complete had a, you know, a fairly defensive view in terms of how it was running the business, you know, maximizing its EBITDA. You know, we're gonna continue to grow its EBITDA, but at the same time, have the ability to put more feet on the street into those channel partners, both from a pure selling and relationship perspective, but also as well from a customer success perspective. So both of those moves, we won't make any dramatic moves to shift one way to enterprise or one way to from the mid-market. We'll continue to add strength into both. And they kind of converge quite nicely, I think, you know, regionally, to that story of how we'll go to market with advanced reach, particularly in North America and in Europe. Okay, perfect. Thanks, Steve. David, just maybe one quick follow-up for you. Just in the past, when you've talked about some of those pro forma targets, I think you've spoken to them as being kinda more exit run rates projections, especially for revenue, and EBITDA versus kind of full year targets. Is that still the case with some of these updated numbers here? We should be thinking about the FY 2026's exit run rate and not a full year number? Thanks. Yes, that's right. So it was important not to have too much noise in terms of the guidance. So it is the old guidance layered on with the Fleet Complete deal. So yes, and there's footnotes in the presentation that can refer to the impact there. Okay, perfect. Thank you both. We have reached the end of the question and answer session, and I will now turn the call over to Steve for closing remarks. So sincerely, thank you to everyone for attending today. I know that was a long call, but hopefully you've enjoyed the level of detail and the level of passion, commitment, and energy and excitement the team are showing for what we've just achieved, which is a stellar achievement in a very short space of time. It's a super exciting time for the Powerfleet business, and we look forward to engaging further with our investors in the what I think is our customary, transparent, straightforward, and detailed style as we begin the new chapter for the company. We look forward to seeing many of you at our upcoming Investor Day in New York City on November the twenty-first, which will include the ability for you to hear from some of our customers, our partners, and industry experts who'll talk through the valued mission-critical role Powerfleet plays for its customers in the market. So please keep safe and well, and we'll talk again soon. Take care. Bye-bye. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.