Hello, and welcome to EVI Industries' earnings call for the fourth quarter and fiscal year ended June 30, 2026. I am Henry Nahmad, Chairman and CEO of EVI. Before we begin, I would like to remind you that this presentation contains forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed. For additional information, please refer to our earnings release issued today and our filings with the SEC, including the Risk Factors section of our most recent annual report on Form 10-K. This discussion also includes references to adjusted EBITDA, a non-GAAP financial measure. A full definition and reconciliation to net income can be found in our earnings release. Fiscal 2026 was the best year in EVI's history. What excites me most is not the records themselves, it is what this year says about the enterprise we have spent the last decade building and what we believe can come next. We finished the year with record revenue and gross profit, stronger margins, strong cash generation, and a fourth quarter that demonstrated meaningful operating leverage. During the year and shortly after year-end, we also completed three acquisitions, two in commercial laundry and one that established our second division in consumer garment care services. Rather than repeat every figure already available in the release, I want to focus on what the results tell us about the quality of EVI, the culture behind it, and the opportunity ahead. Revenue reached approximately $447 million, and gross profit approximately $141 million. Both records. While gross margin reached a record 31.5%. Importantly, gross profit grew faster than revenue. To us, that is evidence that EVI is not simply getting bigger, the quality and earnings potential of the business are improving. The fourth quarter made that especially clear. Our commercial laundry operating businesses produced an Adjusted EBITDA margin, adjusted solely for stock-based compensation expense above 10% before corporate expense. Corporate expense largely reflects infrastructure that serves the company's businesses collectively rather than costs that scale with revenue. The investments within corporate expense are deliberate investments in people, technology, processes, and capabilities. Their purpose is not simply cost reduction or margin expansion. We are building EVI to deliver a uniquely better customer experience, one that makes our people more effective, makes us easier to do business with, and gives customers more reasons to continue choosing EVI. Commercial laundry remains the foundation of EVI, and we believe it is an exceptional industry in which to compound capital over a long period of time. Laundry is essential. Equipment must operate, be serviced, and eventually replaced, while parts, service, and consumables are required continuously. That creates durable demand through economic cycles. Just as important, EVI is not a transactional distributor. We serve the full spectrum of commercial laundry, multi-family, vended, on-premise, and industrial, where customer needs range from straightforward to highly complex. Our people plan and design laundry operations, specify systems, provide equipment and related products, install and commission those systems, and support customers with parts, maintenance, repair, chemicals, and technical expertise throughout the life of the facility. Our job is to understand each customer's circumstances and create the right solution around them. The objective of everything we're building, our people, service network, technology, processes, and product capabilities, is to deliver a uniquely better customer experience that earns trust, repeat business, and a deeper relationship over time. Businesses that merely move products can ultimately be disintermediated. Businesses that solve problems, earn trust, and remain important to the customer's operation are much harder to replace. That distinction matters to how we are building EVI. Over the last 10 years, we have invested heavily in the systems, people, and capabilities required to operate a much larger enterprise. We're increasingly putting those investments to work through better information for local managers, improved technician productivity, more accurate job costing, better inventory decisions, and greater coordination across our businesses. One important capability still ahead is a CRM. As we build and deploy it, we believe it can become a tremendous added benefit to our sales organization by giving our people better visibility into customer relationships, needs, and opportunities across EVI. Technology does not replace our decentralized model. It strengthens it. We want decisions made close to the customer by leaders with the best local information. EVI's role is to give those leaders capital, technology, specialized talent, and the broader resources of the enterprise while preserving the speed, accountability, and market knowledge that made their businesses successful. Entrepreneurship is central to EVI. We have intentionally created an environment where successful entrepreneurs can remain entrepreneurs, retaining meaningful authority, continuing to build the businesses and brands they care about, and gaining resources that allow them to think bigger. We want ambitious people inside EVI generating ideas, recruiting talent, finding new markets, making investments, and challenging one another to improve. When talented entrepreneurs have resources without losing their initiative, we believe the result can be more innovation, intelligent investment, growth, profit, and over time, meaningful wealth creation. That culture is also important to our acquisition strategy. We generally preserve local brands, retain people, and empower leaders, then help them expand products, sales, and service, recruit, invest in technology, and pursue opportunities that may have been difficult to capture independently. After a decade of operating this way, we believe our reputation has become a competitive advantage. Successful owners in our industry increasingly understand what EVI stands for and want to be a part of it. That creates acquisition conversations that are about far more than price. We are evaluating a meaningful number of opportunities today, but opportunity does not change our discipline. We are thoughtful in what we pursue and prepared to act with conviction when the people, culture, economics, and strategic fit are right. The most exciting development since year-end is the creation of our consumer garment care services division. This is not a pivot away from commercial laundry. It is an expansion within laundry into a different end customer, giving EVI a second division in which to apply many of the principles that have served us well. Fragmented markets, recurring customer needs, strong local brands, exceptional entrepreneurs, decentralized leadership, and disciplined investment. Sudsies, our first business in the division, gives us a differentiated foundation built around craftsmanship, quality, convenience, technology-enabled logistics, and deep relationships with individual consumers and luxury retail partners. Just as importantly, its founders and leadership remain engaged. That is exactly how we want to build. The opportunity is much larger, though, than one business. Consumer garment care is a large, highly fragmented industry with many talented independent operators. We believe EVI can become a compelling home for the best of them, preserving what makes their businesses special while providing capital, technology, shared resources, and the opportunity to participate in something much larger. We are early, and we will remain disciplined. We see the potential to build a significant second division with meaningful earnings and cash flow, and we enter fiscal 2027 with a substantial pipeline of acquisition conversations across our areas of focus. All of this is supported by financial discipline. EVI generated approximately $21 million in operating cash flow in fiscal 2026 and ended June with approximately $44 million of net debt, essentially unchanged from the prior year, despite completing two acquisitions and continuing to invest in the enterprise. We view financial strength as strategic. Opportunity rarely arrives on a convenient schedule. A conservative balance sheet gives us the ability to move when the right opportunity appears without forcing action when it does not. That same principle applies to ownership. More than half of EVI is collectively owned by our executives and the original owners of businesses that joined us. Investors are therefore investing alongside many of the people making decisions and operating the businesses. Our capital, careers, and reputations are tied to the same long-term outcome. We have demonstrated that mindset for more than a decade, investing through cycles, building capabilities before they were fully needed, preserving the entrepreneurial strengths of acquired businesses, maintaining financial flexibility, and repeatedly choosing the long-term value over short-term optics. We manage tariffs, supplier costs, construction schedules, and economic conditions actively, but we do not build EVI around predicting the next 90 days. As I look at EVI today, I see an enterprise that is stronger, broader, and more capable than at any point since we began this journey in 2015. We have exceptional depth in leadership across the corporate organization, our regions, and our operating businesses. That leadership includes founders, longtime industry operators, experienced functional executives, and a growing generation of younger leaders who have developed inside EVI or joined because they see the opportunity here. It gives us industry knowledge, local judgment, institutional memory, and the energy to keep building for a long time. We now have two divisions through which to compound those strengths. In commercial laundry, we see substantial opportunity to grow organically, acquire excellent businesses, expand recurring service and consumables revenue, and improve profitability. In consumer garment care, we see the opportunity to build a complementary business of meaningful scale around exceptional operators and trusted local brands. 10 years ago, we set out to build a different kind of company in laundry. Since then, revenue has grown more than tenfold. We have completed more than 30 acquisitions. We have built the leading commercial laundry distribution and service organization in North America. Yet, I believe we are still early. Fiscal 2026 was our best year. More importantly, it strengthened our confidence in what EVI can become: an entrepreneurial, owner-led enterprise with durable businesses, disciplined capital, deep leadership, meaningful acquisition opportunities, and the conviction to pursue large opportunities for the long term. Thank you for your time and continued support of EVI Industries.