Greetings, and welcome to the AirSculpt Technologies, Inc. fourth quarter 2025 earnings call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. You may ask a question at any time by pressing star one on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Allison Malkin of ICR. Allison, please go ahead. Good morning, everyone. Thank you for joining us to discuss AirSculpt Technologies results for the fourth quarter and 2025 fiscal year. Joining me on the call today are Yogi Jashnani, Chief Executive Officer, and Michael Arthur, Chief Financial Officer. Before we begin, I would like to remind you that this conference call may include forward-looking statements. These statements may include our future expectations regarding financial results and guidance, market opportunities, and our growth. Risks and uncertainties that may impact these statements and could cause actual future results to differ materially from currently projected results are described in this morning's press release and the reports we file with the SEC, all of which can be found on our website at investors.airsculpt.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law. During our call today, we will also reference non-GAAP financial measures. We use non-GAAP measures in some of our financial discussions as we believe they more accurately represent the true operational performance and underlying results of our business. A reconciliation of these measures can be found in our earnings release as filed this morning and in our most recent 10-K, which will also be available on our website. With that, I'll turn the call over to Yogi. Thank you, Allison, and good morning, everyone. I will begin with a review of our fourth quarter and fiscal year performance, followed by our progress on our strategic priorities, which have returned the business to stabilization and beginning in February, inflected to positive same-store sales growth. I'll then provide an overview of our strong liquidity position, reinforced by the actions we have taken over the past few months. Michael will then review our fourth quarter and fiscal 2025 financial performance and provide the 2026 outlook. Michael will also discuss what led to the delay in our 10-K filing. In the fourth quarter, we delivered sequential improvement in same-store sales versus the first nine months of the year and higher adjusted EBITDA compared to Q4 2024. We also saw improvements in our lead and consult volumes, which has continued into 2026 and is now converting into improved revenue trends. Stepping back, 2025 represented a year of rebuilding and transformation. We added talent, improved business processes, implemented a new go-to-market strategy, and added new procedures that expanded our market potential. In addition, we strategically exited our only clinic outside of North America to streamline operations. Finally, we strengthened our balance sheet, issuing equity and utilizing our ATM to meaningfully reduce our net debt. The result of this work is already evident. Our core business has stabilized, with same-store sales improving from down 22% at the start of 2025 to positive in Feb 2026. Our trends continued favorably in March, and we expect Q1 same-store sales to be flat, which would be the midpoint of the revenue range previously provided. As we prepare for our busiest quarter, we are seeing broad-based improvement in revenue across our centers. This improvement is tied directly to the actions we took starting in Q4. Our achievements reflect strong progress advancing our strategic priorities. As a reminder, these include, first, introducing new services to capture our GLP-1 market opportunity. Second, enhancing our sales and marketing strategy. Third, maintaining strong financial discipline, both with margins and capital allocation. Let me share an update on each. First, introducing new services to capture our GLP-1 market opportunity. GLP-1 medications have fundamentally reshaped how consumers approach weight loss and wellness. They have also created demand for aesthetic procedures such as skin tightening, contour restoration, and overall reshaping after weight loss, all of which play into our existing brand and capabilities. Fat removal and skin tightening represent some of the largest opportunities in aesthetics today. According to the American Society of Plastic Surgeons, the skin tightening and skin removal market is as large as fat removal when measured in terms of procedures done in 2024. This gives us a $100 million+ sales opportunity long term. You might recall we rolled out standalone skin tightening to all centers in the second half of last year and introduced a skin excision pilot, also known as skin removal, in Q4. Skin removal procedures represent another proof point of our expanded revenue opportunity. While early, we are pleased with the performance of these additions. Patients are seeing great results, which is giving us terrific exposure as a destination for these procedures. Skin removal provides us with more levers to grow center productivity and utilization. Just in Q4 2025, we have completed more than 100 skin removal surgeries, and we expect this to ramp in 2026 as we expand this capability across all locations. We have also deployed marketing efforts to raise awareness of our unique positioning to serve these patients. These new procedures strengthen our body contouring service and revenue streams using our existing base of centers and clinic talent. Second, enhancing our sales and marketing strategy. Starting Q4 2025, we implemented an enhanced marketing strategy that is beginning to show measurable results. This included expanding into new mediums such as connected TV, increasing influencer engagement, launching focused campaigns for skin tightening and skin removal, improving website functionality and conversion flows, and optimizing spend towards higher value audiences. These marketing enhancements directly contributed to the recent improvement in volume trends, and we expect the momentum to continue. We have also improved our patient financing options to further drive conversion while maintaining our policy of full upfront payment. Turning to our third area of focus, maintaining strong financial discipline both in our margins and capital allocation. As mentioned in the past, debt reduction has been the focus of our capital allocation strategy. We repaid over $30 million of debt over the last five quarters, bringing our leverage below 2.5 as of the current date. Operationally, we simplified the business and reduced costs, generating over $4 million in annualized savings in 2025 while reinvesting selectively in growth initiatives and talent. Speaking to talent, in the first quarter, we added highly experienced executives across finance, legal, and operations with significant expertise in managing multi-unit operations. These additions, along with our existing sales and marketing organization, provide us with a strong leadership team and the right structure to execute and deliver on our growth goals. In summary, the work completed in 2025 meaningfully repositioned the company, setting the foundation to support long-term sustainable growth by building the engine, infusing talent, and strengthening our processes. Our strategy is starting to pay off. In 2026, we are experiencing accelerating sales and demand trends. Our priority is to execute consistently, build on this momentum, and drive disciplined growth in order to create value for our shareholders. With that, I will now pass it over to Michael. Thank you, Yogi, and good morning, everyone. I'm pleased to join you today on my first conference call as CFO of AirSculpt. This morning, I will share my background and then provide perspective regarding the delay in our 10-K filing. Following this, I will review our 2025 fourth quarter and fiscal year results and 2026 outlook. I come to AirSculpt with experience across public consumer and lifestyle businesses, most recently serving as Chief Financial Officer of Inspirato, a luxury subscription travel company. During my three years there, I helped lead a comprehensive turnaround, strengthening operating disciplines, improving margins, and restoring profitability, which ultimately culminated in a take-private transaction at a 50% premium to the prevailing trading price. I chose to join AirSculpt for two primary reasons. For the first and foremost, the underlying economics and long-term opportunity of the business is highly compelling. AirSculpt combines strong unit-level performance, a differentiated offering, and a brand with the right to win in a growing aesthetics market. With attractive clinic-level contribution margins and a significant white space for expansion, both geographically and across adjacent procedures, the platform is well-positioned for sustained scalable growth. Second, I was drawn to the team and the culture. There's an alignment across the organization to improve operational discipline, ensure accountability, and create long-term value. It is clear the leadership team understands the opportunities ahead and the work required to unlock them. That level of focus and commitment is energizing to step into as the CFO. We have the right strategic initiatives underway to advance our turnaround, and I'm excited to partner with Yogi and the team to accelerate those efforts. Before I discuss business performance, I want to address a few reporting items that came up at year-end. During the close process, we identified a reconciliation matter related to intercompany transactions, which led us to conduct a broader review of certain accounting treatments, including lease accounting under ASC 842. As a result of that review, we recorded immaterial changes to prior year balances in our 10-K filing. This had no impact to revenue, cash or our day-to-day operations, and we remain fully compliant with our bank covenants. The correction included the gross up of our ROU asset and lease liability by approximately $3.8 million and $3.5 million, respectively, for the prior year ending December 31st, 2024. Additionally, there was corrections to prior year rent expense that decreased expense by $239,000 in 2023 and $233,000 in 2024. We recognize these issues should have been identified earlier and hold ourselves accountable. We're taking steps to strengthen our financial processes and controls going forward. Now let me turn to a review of our fourth quarter. Revenue for the quarter was $33.4 million, down approximately 15% versus the prior year quarter. Same-store revenue, which excludes centers open for less than a year, declined 16%. The decline in revenue reflects lower case volume amidst a challenging consumer spending environment. The percentage of patients using financing to pay for procedures was approximately 50%. As a reminder, we received full payment for all procedures up front, and we have no recourse related to patients who finance their procedures with third-party vendors. Cost of services decreased $3.1 million - $13.7 million, a decline of 18% compared to prior year period, contributing gross margin expansion of roughly 2% to approximately 59%. Selling general administrative expenses were approximately $18.2 million, a decline of approximately $5 million in the quarter compared to the same period in fiscal 2024. SG&A decline was primarily a byproduct of the cost initiatives taken throughout 2025, as Yogi called out earlier. Our customer acquisition cost for the quarter was roughly 3,300 per case, flat to prior-year quarter. Adjusted EBITDA was $2.5 million or 7.4% of revenue, an increase of $0.6 million and 2.8% margin expansion versus prior year, driven by gross margin expansion and operational leverage in SG&A. For the full year, we reported revenue of $151.8 million, a decrease of approximately 15.8% in fiscal 2024. Adjusted EBITDA was approximately $15 million, resulting in an adjusted EBITDA margin of approximately 10%. This compares to adjusted EBITDA of approximately $21 million or an adjusted EBITDA margin of 12% in fiscal 2024. Turning to our balance sheet. As of December 31st, 2025, cash was $8.4 million. We paid down $19 million of debt in 2025, $14 million on the term loan and $5 million on the revolving credit facility. Gross debt outstanding was $56 million at year-end. Under our credit agreement, our leverage ratio was below 3x and we are in compliance with all covenants at year-end. Furthermore, as Yogi mentioned, we raised an additional $14.8 million from the at-the-market facility in Q1 and paid down an additional $11 million of debt principal in the period. We expect to refinance our term loan before it becomes current, targeting a net debt leverage ratio below 2.5x. Cash flow from operations for the year was $3.1 million, compared to $11.4 million in fiscal 2024. Turning to our outlook. In 2026, we expect revenue in the range of $151 million-$157 million. We expect the business to build momentum as the year progresses with the midpoint of our revenue range reflecting approximately 3% comparable growth, excluding London from 2025. As a reminder, our London center contributed 1% to comps in 2025. We expect fiscal 2026 adjusted EBITDA in the range of $15 million-$17 million. This outlook incorporates the benefit of improved revenue growth and the annualization of our 2025 cost actions. At the same time, we plan to reinvest a portion of these savings into targeted growth initiatives to support top-line expansion. As it relates to de novos, while we have plenty of runway ahead to open new centers, our guidance does not contemplate any openings this year as we continue to focus our efforts and resources on revenue growth in our existing base. As many of you are aware, helium plasma is needed to perform skin tightening procedures. While we maintain a diversified network of suppliers, a meaningful portion of the global supply is currently offline due to the Iran conflict. We are monitoring the situation closely and we will manage the business accordingly. Lastly, before I turn it back to Yogi, I want to reiterate how excited I am to be part of AirSculpt and the leadership team and to engage with our investors. There's significant opportunity ahead, and I look forward to helping unlock long-term value for all shareholders. With that, back to Yogi for closing remarks. Thank you, Michael. In conclusion, we begin 2026 with positive momentum, an enhanced marketing strategy, strengthened liquidity, and the opportunity for stronger future growth. With that, I'd like to turn the call over to the operator to begin the question and answer portion of the call. Thank you. We'll now be conducting a question and answer session. If you'd like to be placed in the question queue, please press star one on your telephone keypad. We ask you please ask one question and one follow-up, then return to the queue. Once again, that's star one to be placed in the question queue, and a confirmation call will indicate your line is in the question queue. We ask you please ask one question, one follow-up, then return to the queue. Our first question is coming from Josh Raskin from Nephron Research. Your line is now live. Hi. Thanks. Good morning. I've got two here. I guess just first on the numbers. The guidance for 1Q, the revenues indicate a slight decline on a year-over-year basis, whereas, you know, full year 2026, revenue is expected to be up slightly. I heard the building momentum commentary, but what's causing a little bit of that change in seasonality to make the revenues a little more back-end loaded this year? Hey, Josh, this is Yogi. Thank you for the question. We're being measured in how we guide over here. Trends have improved meaningfully as we mentioned, and exiting the year, our trajectory has gone from down 2022 to 2024 to positive comps. That underpins our confidence in the full year outlook. At the same time, we do recognize that we must deliver consistent results to make sure that we can hit our numbers, and we are focused on execution at the moment. Okay, perfect. Maybe if we could just take a step back, bigger picture on the, you know, body sculpting trends outside of GLP-1 related procedures. Is there a way for you to isolate, you know, just sort of, market like trends for, the core business, you know, prior to the skin tightening and skin removal and some of the new products? Josh, great question. We continue to see that the core business around body contouring and fat removal is holding relatively steady. I think all of aesthetics saw a bit of a boom coming out of COVID. Our belief is now we're also starting to find a baseline. Now, with this industry there is constant change, and we do see GLP-1 being the next wave of that change, where we are well-positioned to take advantage of that. The demand that arises from skin laxity or loose skin does play into really well into our brand and our capabilities. That's why you hear the focus on GLP-1 products. Thank you. Next question today is coming from Sam Eiber from BTIG. Your line is now live. Hi. Good morning. Thanks for taking the questions here. Maybe I can start on the excisional procedures. I think I caught in the prepared remarks about 100 procedures in Q4 as part of that pilot. I guess I'd love to hear what you're hearing from customers, and surgeons that were part of the pilot phase and then how that maybe is gonna inform the go-to-market as this rolls out into more of a broader launch across all your centers. Hey, Sam, nice to talk to you as well. What we are seeing is that we are able to provide excellent results for our patients. Our patients are coming in, they are getting good results from the procedures. We are, as you know, for our procedures, it takes a few months before you see the final results, but the early signs are very encouraging. From our surgeons as well, this is something that they are, you know, many of them are comfortable with. All of them are, you know, highly effective at it. Thus far, we are pleased with both the volume and also the quality of results that we are getting with the excisional procedures. As the year goes along, we would ramp it up. As a reminder, typically these, as I said, it takes about three months minimum to see the full results for a patient. We wanna make sure we look through those, make any corrections that are needed. Thus far, we've not seen anything major. Expand it from there. Okay. That's very helpful. Maybe I can just use a follow-up here, on a question on the balance sheet. I know you guys paid down some debt this quarter. Leverage ratio is down to 2.5 x. I guess, how should I be thinking about, you know, capital allocation going forward, appetite for continued debt pay down versus, you know, the comfort right now at a 2.5 x? Hey, Sam. Yeah, this is Michael Arthur. Thanks for the question. Yeah, we, you know, our number one priority still is to get the balance sheet in a healthy position. We've done a lot of that work over the last, you know, year or so. As I mentioned, we are in early stages, but looking to refinance the debt, both targeting around the levels we're at now and somewhere below net debt of 2.5x. You know, beyond that, you know, the capital allocation strategy hasn't changed much, which is really investing back into the business, both on sales and marketing and then ultimately, probably not in 2025, but new de novos as well as we look to expand our clinic portfolio. Thank you. We've reached the end of our question and answer session. I'd like to turn the floor back over to Yogi for any further closing remarks. Thank you, Kevin. Team, thank you for joining us this morning. I also want to thank the AirSculpt team and our network of surgeons that provide excellent care and results to our patients. Together, we are powering the next chapter in AirSculpt's growth. We look forward to sharing our progress when we report Q1 results. Thank you. That does conclude today's teleconference webcast. You may disconnect your line after this time, and have a wonderful day. We thank you for your participation today.