Hello and welcome to EVI Industries' earnings call for the fourth fiscal quarter and fiscal year ended June 30, 2025. I am Henry Nahmad, Chairman and CEO of EVI. Before we proceed, we would like to disclose our cautionary statement. This earnings call contains forward-looking statements as defined by SEC rules and regulations. Forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our earnings press release issued today and in our SEC filings, including the risk factors section of our annual report on Form 10-K for the fiscal year ended June 30, 2025. Actual results may differ materially from those expressed in or implied by the forward-looking statements. This call also includes a discussion of adjusted EBITDA, which is a non-GAAP financial measure that the company believes is useful in evaluating performance. Please refer to our earnings press release issued today for additional information regarding Adjusted EBITDA, including the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income, the most comparable GAAP financial measure. Before we get started, I want to express my sincere appreciation to the nearly 900 dedicated employees who make up EVI today. Our people are the most valuable asset we have. Without their commitment to our company, our mission, and the tens of thousands of customers we serve, the consistent progress we've achieved towards our long-term growth objectives would not be possible. Today, I will share a summary of our operating results for the fiscal year ended June 30, 2025, and highlight the progress we are making in pursuit of our long-term goals. Before I get to the details of fiscal 2025, I want to take a moment to remind you of who we are as a company and what guides our decisions. At EVI, there are four things you should know. One, we are focused and committed to long-term growth. Two, the foundation of our company is our entrepreneurial culture. Three, we are aggressive in our pursuit of growth, yet conservative in how we finance it. And four, most importantly, we are deeply invested in EVI, with more than 60% of our stock still owned by our executives and the original owners of our acquired businesses. That alignment with shareholders drives every decision we make. Our strategy is what we call the EVI way of buying and building businesses. While the concept itself is not unique, the way we execute it is. The buy component means pursuing acquisitions that meet disciplined criteria, complement our existing platform, and expand opportunities. The build component means helping those businesses grow by adding products, expanding sales and service, investing in technology, and fostering collaboration across our network. We run a decentralized model in which our local businesses keep their names, retain their people, and maintain the customer and supplier relationships they know best. This local independence is paired with the resources of our broader platform: specialists in finance, procurement, working capital management, technology, and other areas where scale creates advantages. Together, this structure combines the entrepreneurial energy of local leadership with the strength of a national organization. Just as important, we reinforce this entrepreneurial spirit with an ownership culture built on a long-term equity program that encourages our people to think and act like owners and to remain invested in the future of EVI. With this foundation, we've delivered consistent growth since launching our long-term growth strategy in 2016. We have acquired 31 businesses. Revenue has grown at a compounded annual rate of 30%. Net income has grown at 18% annually. Adjusted EBITDA has grown at 27% annually. Organic revenue has grown at a 7% compounded annual rate over the last three years. Throughout this period, we have maintained a low leverage profile, preserving the financial flexibility to invest in growth as opportunities arise. This track record is the result of disciplined acquisitions, consistent organic expansion, and a relentless focus on execution. It reflects the dedication of our people, the resilience of our markets, and the effectiveness of our model. Before reviewing fiscal 2025, let me briefly touch on what makes our industry so resilient and attractive. Commercial laundry is not discretionary. It is essential to the operations of our customers. Industrial and on-premise laundries serve healthcare providers, hospitality businesses, government and institutional facilities, correctional and sports organizations, and many other end-user customer segments, while vended and multi-family laundries serve the needs of households and communities across North America. Collectively, these operators launder tens of millions of pounds of linens and textiles each day. Their ability to operate efficiently and reliably is critical to their success, which makes the products and services we provide indispensable. Demand in our industry has historically remained steady across economic environments. It is driven by both functional and economic obsolescence. Equipment ages and new technologies deliver meaningful returns by reducing labor, water, and energy costs. Customers are therefore focused less on upfront costs and more on the total cost of ownership, which ties directly to their profitability, operating efficiency, and long-term competitiveness. As innovation accelerates, particularly around efficiency and connected systems, we believe it will drive a new cycle of replacement demand and further reliance on installation and maintenance expertise. EVI is uniquely positioned in this landscape. We plan, design, sell, install, and maintain laundry systems, giving us a central role in our customer success. Our growing scale and capabilities allow us to deliver not only the equipment but also the technical expertise and ongoing service that keeps operations running smoothly. This is why we have and continue to invest in building the industry's largest service organization. Service not only ensures reliability, it also strengthens customer relationships and supports future sales, creating a cycle where distribution, installation, and service reinforce one another. This combination of resilient demand, efficiency-driven replacement cycles, and EVI's comprehensive model positions us as an indispensable partner to our customers and as a clear leader in a critical and enduring industry. Now, our fiscal 2025 results. Revenue grew 10% to a record $390 million. Gross profit increased 12% to $118 million, or 30.4% of revenue, which was also a record. Net income increased 33% to $7.5 million. Adjusted EBITDA grew 11% to $25 million. Importantly, these results reflect only one-quarter of the anticipated contribution from the addition of Continental Laundry Solutions, which we expect will play a more meaningful role in our performance going forward. In the fourth quarter, as compared to the prior year, revenue increased 22% to $110 million. Gross profit grew 24% to $34 million. Net income rose 1% to $2.1 million, and adjusted EBITDA increased 17% to $7.2 million. These results reflect the significant investments we are making today in technology, people, and acquisitions that are designed to support our long-term objective of achieving double-digit operating margin performance. While these investments may weigh on near-term results, we believe they are strengthening our foundation and positioning us to deliver sustained margin expansion and enhanced value creation over time. On strategic acquisitions and our buy and build growth, in fiscal 2025, we completed four acquisitions, including the largest in our company's history, Continental Laundry Solutions, formerly Girbau North America. This transaction is expected to add approximately $50 million in annual revenue and brought with it a comprehensive distributor support platform, relationships with more than 80 independent distributor customers, and significant opportunities to expand our role as a master distributor. Continental strengthens our purchasing power, expands our geographic reach, and enhances the value proposition we offer customers and OEM partners. Our approach to acquisitions is built not just on financial performance but on people, culture, and trust. We strive to honor the legacy of every business we acquire, provide meaningful opportunities to employees, and align interests with our shareholders. That reputation has made us the acquirer of choice in our industry. In technology and innovation, we also made meaningful progress advancing our technology roadmap. On our field service platform, we expanded deployment from 2 business units in mid-2024 to 27 by June of 2025, completing over 8,500 service appointments in the system in a single month alone. This platform optimizes technician scheduling, streamlines dispatch, improves responsiveness, and generates valuable data for both our operations and our OEM partners. Importantly, every service call is also a customer touchpoint that can generate sales opportunities, strengthening relationships while driving growth. On ERP and business intelligence, by fiscal year-end, 28 of our 31 business units were operating on our ERP platform, supported by enterprise-wide business intelligence tools. This provides us with real-time data-driven insights into financial and operational performance, improving decision-making, inventory management, job costing, and service profitability. In our e-commerce platform, looking forward, we are building an e-commerce solution expected to launch in fiscal 2026. This will give customers 24/7 access to product information, inventory availability, and service capabilities. Over time, it will reduce transaction costs, improve accuracy, and create a seamless digital experience across our expansive network. Moving to our financial strengths, our objective is to maintain a healthy balance sheet that provides access to low-cost capital and the flexibility to fund strategic growth investments as they arise. This financial strength is essential to delivering sustained long-term returns and investing consistently regardless of broader conditions. In fiscal 2025, we generated $21.3 million in operating cash flow. While lower than the prior year, this reflects strong underlying performance and a deliberate increase in working capital. Inventory rose $66.1 million, reflecting not only higher operating levels but also inventory acquired through our four acquisitions. Accounts receivable increased to $60.5 million, consistent with higher revenue and balances added from acquired businesses. During the fiscal year, we also deployed $47 million towards acquisitions, bringing net debt from $8.3 million at the end of fiscal 2024 to $44.1 million at the end of fiscal 2025. These investments in acquisitions, technology, and working capital are consistent with our long-term growth strategy. Reflecting our strong performance and disciplined capital structure, our board declared a special cash dividend of $0.33 per share payable October 6th of 2025 to shareholders of record as of September 25th, 2025. As we look ahead, our momentum is supported by a backlog of confirmed customer sales orders that grew by more than 10% during the fiscal year, a healthy pipeline of acquisition opportunities, and the resources to continue investing in technology and innovation. Together, these factors provide us with clear visibility and confidence in our ability to deliver on our long-term strategy. At the same time, we continue to monitor tariff developments and their potential impact. In response to tariff-related costs, many of our OEM partners and suppliers have implemented price increases, and we have adjusted our pricing accordingly. While uncertainty remains, our focus on essential equipment and replacement parts across diverse markets provides a stabilizing foundation. Importantly, we are working closely with our partners to manage costs and ensure that our products remain competitive and marketable even as tariff conditions evolve. We believe this combination (growth visibility, disciplined investment, and active management of external challenges) positions us to deliver sustained long-term growth, continued progress toward double-digit operating margins, and greater value for our customers, employees, and shareholders. In closing, fiscal 2025 was a milestone year. We achieved record financial results, completed the largest acquisition in our history, and made significant progress in modernizing our company. Over the past decade, we have built EVI into the leader in our industry and remained focused on the long-term opportunities that lie ahead. As we continue forward, our commitment remains the same: to pursue growth aggressively while financing it conservatively, ensuring that we can act on buy and build opportunities whenever they arise. EVI is a fundamentally strong business, well-positioned for continued success under our long-term strategy. Finally, I want to thank our employees, our suppliers and customers, and our shareholders. Your dedication, loyalty, and support make everything we achieve possible. Thank you. And until next time, be well.