Good morning, everyone. My name is Beau, and I will be your conference operator today. I would like to welcome you to the First Advantage 4th quarter and full year 2025 earnings conference call and webcast. Hosting the call today from First Advantage is Ms. Stephanie Gorman, Vice President of Investor Relations. At this time, all participants have been placed in a listen-only mode to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, please press star one on your telephone. If at any point your question has been answered, you may remove yourself from the queue by pressing star two. Lastly, if you should require any operator assistance, please press star zero. Please note today's event is being recorded. It is now my pleasure to turn the meeting over to Ms. Stephanie Gorman. Please go ahead, ma'am. Thank you, Beau. Good morning, everyone. Welcome to First Advantage's fourth quarter and full year 2025 earnings conference call. In the Investors section of our website, you will find the earnings press release and slide presentation to accompany today's discussion. This webcast is being recorded and will be available for replay on our investor relations website. Before we begin our prepared remarks, I would like to remind everyone that our discussion today will include forward-looking statements. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are discussed in more detail in our filings with the SEC, including our 2024 Form 10-K and our 2025 Form 10-K, to be filed with the SEC. Such factors may be updated from time to time in our periodic filings with the SEC, and we do not undertake any obligation to update forward-looking statements. Throughout this conference call, we will also present and discuss non-GAAP financial measures. Reconciliations of our non-GAAP financial measures to their most directly comparable GAAP financial measures, to the extent available without unreasonable effort, appear in today's earnings press release and presentation, which are available on our investor relations website. To facilitate comparability, we will also discuss pro forma combined company results, consisting of First Advantage and Sterling Check Corp.'s historical results and certain pro forma adjustments as if the acquisition of Sterling had occurred on January 1, 2023. The pro forma information does not constitute Article 11 pro forma information. I'm joined on our call today by Scott Staples, our Chief Executive Officer, and Steven Marks, our Chief Financial Officer. After our prepared remarks, we will take your questions. I will now hand the call over to Scott. Thank you, Stephanie, good morning, everyone. Thank you for joining our call. Today, we have five key messages. First, we delivered what we believe was our best quarter ever, with exceptional Q4 results capping off in an impressive 2025. We exceeded our previously updated expectations on all guidance metrics, with particularly notable adjusted diluted EPS growth of 67% in the fourth quarter. We continue to be a category leader, supported by our go-to-market success, with a robust 17% growth contribution from new logo and upsell cross-sell, resulting in 12% overall pro forma revenue growth in the quarter. When combined with our diverse vertical mix, consistently high customer retention, and focus on cost discipline, it is clear that we are driving outstanding results amid this dynamic macroeconomic environment. Second, we are pleased to share that we have completed our core integration activities for the Sterling acquisition, we are seeing the strategic and financial benefits as promised. While we continue to action additional synergies, looking forward, we are turning the page from primarily an integration focus to one of innovation and are committed to accelerating our growth through our scaled, strengthened business. Which brings me to our third point. We are executing and in fact accelerating our FA 5.0 growth strategy. Through our best-of-breed product and platform approach, we are winning with our enhanced customer value proposition and expanded offerings and are poised to capture meaningful opportunities in growth areas such as digital identity, our differentiating co-selling relationships with Workday, ongoing new product releases, and international account expansion. Building upon our success in 2025, we are allocating additional resources in 2026 to further accelerate our go-to-market and product capabilities. We expect these actions will drive incremental organic revenue growth and sustainable long-term value creation. Fourth, today, we are announcing two strategic capital allocation actions, both of which are supported by the success of our business, our strong cash flow generation, and our confidence in our continued growth. First, in February, we are voluntarily prepaying $25 million of debt, maintaining our consistent trend and commitment to reducing net leverage. Second, we are announcing a new $100 million share repurchase authorization. Our strong position today gives us the ability to both pay down our debt and simultaneously buy back our shares, which we believe do not currently reflect the value of our business. Finally, we are introducing our full year 2026 guidance. We saw more stabilization across market conditions in the fourth quarter. We are seeing our positive top-line momentum carrying into 2026. This strong performance is reflected in our bottom line earnings as well, with our two-year compound annual adjusted diluted EPS growth rate from 2024 to the 2026 guidance midpoint, expected to be approximately 20%. While we are maintaining a modestly cautious outlook on base performance, expecting it to remain slightly negative for the year, we are bullish on 2026, given our go-to-market and recent pipeline success. We remain confident in our positioning to create long-term shareholder value and deliver consistent progress toward our 2028 long-term targets. Turning to slide five, an updated view of First Advantage at the end of 2025. We continue to be a category leader in our industry. Our customer value proposition offers differentiated technology platforms, proprietary data, and a broad collection of innovative solutions across a comprehensive and diversified range of verticals. In 2025, we delivered impressive full year revenues, which grew from $1.57 billion, with $441 million of Adjusted EBITDA. Our pro forma Adjusted EBITDA growth of 11%, with pro forma Adjusted EBITDA margin expansion of 170 basis points and adjusted diluted EPS growth of 27%, were enabled by the completion of the core integration activities for the Sterling acquisition, successfully delivering on our synergy plan and the execution of our FA 5.0 growth strategy. We completed over 200 million screens across more than 200 countries and territories on behalf of our 80,000+ customers, with the average tenure of our top 100 customers increasing to 13+ years. Our diverse customer base includes approximately 2/3 of Fortune 100 companies and more than 1/2 of Fortune 500 companies. Our growth retention remains high at approximately 96% for the year, having risen to 97% in the second half of the year. We have over 100 integrations with applicant tracking systems and human capital management partners, including our market-differentiating global co-selling relationship with Workday, giving us a unique competitive advantage in several of our key verticals. Speaking of competitive differentiation, this year we crossed the milestone of accumulating over 1 billion records in our two proprietary databases, a 10%+ increase year-over-year, providing our customers with a more comprehensive, powerful data foundation that enables the speed and efficiency we are known for. Our national criminal record file database now contains well over 900 million US criminal history records, and our verified database contains approximately 135 million work history and education records. Our verticalized go-to-market approach remains a differentiator and a key driver of our growth strategy. We offer deep subject matter expertise in our industry segments, and we use industry-specific data to advise our customers on topics such as leading practices and product optimization. Our enterprise customers, diverse vertical mix, global reach, mix of hourly and salary-focused customers, and diligent focus on controlling the controllable, make our business resilient and able to perform well through macroeconomic cycles. On this slide, we have provided an updated view of our vertical mix for 2025. We continue to feel confident in our strategic focus on healthcare, transportation, retail and e-commerce, which represent our three largest verticals, all with near and long-term growth levers. We believe that each offers substantial runway for new upsell and cross-sell expansion, supported by favorable underlying market trends. Now, turning to slide six and a closer look at our outstanding performance in the fourth quarter. We generated meaningful revenue, Adjusted EBITDA, Adjusted EBITDA margin, and adjusted diluted EPS growth, with results exceeding our updated expectations. Impressively, in Q4, our combined upsell, cross-sell, and new logo growth rate was 17%, significantly outperforming our long-term growth algorithm target. This was enabled by our robust go-to-market momentum, including material contribution for a number of key 2025 wins, and gives us momentum for stable, yet elevated 2026 growth. Retention remained high at 97%. Base revenue performance again improved sequentially, remaining just below neutral and spot on with our expectations. Our go-to-market teams continued to deliver, as further demonstrated by our 17 enterprise bookings in the fourth quarter, which brings us to a robust 66 for 2025, each deal with $500,000 or more of expected annual contract value. These wins are some of the many reasons we have confidence in our ability to continue generating new logo and upsell, cross-sell revenue, and help support our outlook for expected strong growth in 2026. We are encouraged by the continued strength and increase in our late-stage pipeline, measuring at near record highs, including a meaningful volume that are incorporating our digital identity product. Looking at our verticals in the fourth quarter, our balanced and resilient vertical strategy supported our standout performance despite how headline economic data portrayed the higher environment. We saw strength in retail and e-commerce, driven by new upsell and cross-sell, along with a stable base. With the seasonal peak hiring duration and volumes improving compared to last year and more in line with historical trends. Healthcare showed nice year-over-year growth, driven by new logos, upsell, and cross-sell, despite notable base weakness in certain healthcare-related sub verticals. Transportation and logistics saw growth in Q4, driven by positive base demand with strong traction during the peak season. General staffing, manufacturing and industrials, and technology also showed positive year-over-year growth in Q4, partially powered by the success in our new logo and upsell, cross-sell programs. Business and professional services, gig economy, and financial services verticals experienced some pressure in the fourth quarter, but did not meaningfully inhibit our overall fourth quarter performance. January and initial February order volumes reflect trends generally consistent with what we saw in Q4. Our international business for Q4 continued to sustain strong year-over-year revenue growth in all regions, giving us confidence in our prospects for further international expansion. Although macro uncertainty persists in the fourth quarter, we saw many of our customers shifting to a more encouraging tone, and we are seeing this continue into 2026, regardless of the headlines you may be reading. We continue to remain confident that our diversified mix of verticals, customer segments, and geographies provides a meaningful degree of resiliency to AI impacts and will allow us to capitalize on future growth opportunities. Additionally, we recently completed our annual trends report based on insights from thousands of enterprise-focused HR leaders and job seekers worldwide. The report will be published in the coming weeks. The data highlights strong demand for expanded screening services, risk mitigation as the number one new top priority, and rising identity-related challenges as the biggest trend. These trends reinforce our growth expectations and positioning as an identity provider. Turning to slide seven and a summary of our key accomplishments in 2025 and focus areas for 2026. Our 2025 organizational performance exceeded our expectations. We closed on the transformational acquisition of Sterling in October 2024, and we are incredibly pleased with the results, particularly in regard to customer retention, which has actually improved over the past two quarters. Synergy capture and realization, cultural alignment, and our best-of-breed approach to technology and products, which has really resonated with our customers. In 2025, we executed and completed the core elements of our integration process while delivering a seamless customer experience throughout, as evidenced by our high retention levels of 96%-97% during the year, the favorable feedback we received from customers. We also significantly advanced our synergy realization efforts, reaching $55 million in run rate synergies actions, and made progress on deleveraging our balance sheet. We had a number of impressive new logo wins in 2025, providing us momentum as we exited the year and substantial revenues already booked as we enter 2026. One win, in particular, has the potential to be a top five customer and has already been driving significant growth. Adding to our success, we are seeing a very nice trend of winning back some customers who tried the competition and decided to return due to our outstanding platform, proprietary data, speed, and service quality. As we have discussed before, we continue to take a proactive and strategic approach to AI. To be clear, we see AI as an enabler of our strategy, not a disruptor of our business model. We are executing from a foundation of long-standing technology leadership and deep tech experience across our management team. We have been building and deploying AI data and machine learning solutions since 2021, including Gen AI rollout since 2024. Some of these solutions are behind the scenes, helping us operate more efficiently, and some are customer-facing, such as our agentic AI and chatbots. We are also accelerating adoption of AI-powered development tools across the organization, with hundreds of engineers leveraging AI capabilities to optimize our platform faster than we have ever been able to do. With our progress, scale, and strategy, we believe we are well positioned in our industry to be a winner with regards to AI. Examples of where we have deployed AI solutions across our products, technology, and operations include the following: AI is fully embedded in our Next-G en Profile Advantage applicant portal. Increasing efficiency, improving the user experience, and reducing call center contact rates by approximately 50%. AI is also an essential element of our SmartHub AI intelligent router, which is now available for all US customers for use within the verification process, as well as our digital identity solutions supporting our competitive advantage. We also began deploying AI-enabled capabilities in our criminal records processing workflows to help streamline operational steps, manage volumes, and identify items for additional review, while maintaining a human-in-the-loop process for all record matching, dedication, and reportability determinations. Internally, we have also leveraged AI to enhance the productivity of our engineering staff, automate tasks, enhance our product capabilities, and help our go-to-market teams with customer acquisition activities. AI governance is also critical in our industry as we operate in a highly regulated, high-stakes environment, where accuracy, auditability, and compliance are non-negotiable. Our customers rely on our solutions to make informed employment decisions that carry legal, regulatory, and human consequences. Trust is foundational to our brand. Our screens verifications must be explainable, auditable, and compliant across jurisdictions and geographies, and seamlessly integrated into customers' HCM and ATS workflows. What we offer is not simply a software problem or a data search exercise. What we offer requires deep domain expertise, regulatory infrastructure, and a consultative service model that is tailored to the specific regulatory and operational needs of the industries we serve. It also requires knowledge about the complexities of compliance with federal, state, and regional laws, like the FCRA in the US and GDPR in Europe, along with many subject matter-specific regulations like DOT and BIPA, which makes operational scale well beyond software and data all that more important. We operate in a fragmented global landscape that often extends beyond the digital world. The data we use is not simply consumed off the internet. Our platform is supported by thousands of direct relationships for criminal records access, both digitally and many jurisdictions physically. A proprietary third-party network of over 20,000 brick-and-mortar locations for drug testing and health screening, and a proprietary network of over 1,000 in-person physical fingerprinting collection kiosks that enable a number of our solutions. The combination of proprietary data assets with more than 1 billion proprietary records, large-scale proprietary physical fulfillment networks, long-standing compliance capabilities, consultative expertise, and deep system integration is difficult to replicate and positions us to continue to responsibly deploy AI, enhance efficiency, and create durable, long-term shareholder value in a rapidly evolving technology landscape. Looking at 2026, we have multiple other initiatives in flight, focusing on scaling AI in ways that continue to improve speed, consistency, and efficiency. Our focus is on redesigning key workflows with AI at the center. This includes expanding our use of AI agents, enhancing document classification and extraction capabilities, and applying AI-enabled automation and verification and fulfillment processes, all while maintaining disciplined governance to support and ensure responsible and compliance use of AI. We believe our focused, innovative approach to leveraging AI positions First Advantage to create long-term value. In 2025 and into 2026, we continue to see strong and growing customer interest in our market-differentiating digital identity products, which enable our customers to address the increasing concerns of identity fraud. Customers are seeing the benefits of our cohesive offering, it is helping us win in the market, creating opportunities that were not there before. Digital identity is a key selling point for customers, despite being a small component of the overall contract value. In several recent large wins, we actually started with digital identity as the focus of an RFP. We were able to significantly expand our scope when our customers recognized the benefits of our integrated solution, driving pipeline momentum with a bundled solution. During 2025, a number of Fortune 500 companies went live with our digital identity product, and we expect to see this momentum continue. We are building on the early successes of these products, and we expect penetration to accelerate meaningfully in 2026 as customers increasingly recognize the need for the benefits of our highly sophisticated, fully integrated solutions. As we progress to 2026, we are well positioned to maximize the benefits of our strengthened business to continue to win in the market, drive synergy realization, and further accelerate our performance. Building upon the great success we have seen to date with our FA 5.0 growth strategy, in 2026, we are enhancing our product, sales, and marketing capabilities to continue to deliver meaningful, sustained value for our customers and stakeholders. These efforts include further leveraging AI across our product portfolio, increasing our identity fraud-related product penetration. creating brand new products and expanding our international business. We will keep you updated on our progress in the coming quarters. With that, I will now turn the call over to Steven. Thank you, Scott. Good morning, everyone. I'll start with fourth quarter results on slide nine. As Scott mentioned, we believe Q4 was the best quarter in First Advantage's history. Our fourth quarter revenues were up 12% versus last year on a pro forma basis, coming in at $420 million, with our year-over-year revenue growth rate meaningfully increasing from Q3. Our go-to-market success significantly exceeded our long-term growth algorithm, as the combined contribution of new logo, upsell, and cross-sell revenues delivered exceptional growth of 17% in the quarter, our highest in recent history. Part of the uptick in Q4 new logo, upsell, and cross-sell relates to order volume in Q4 from our new wins, part of which would have otherwise been recognized in the third quarter as certain new customers deferred their screening until they were live on our platform. Into 2026, as these customers ramp, we expect quarterly revenue to normalize and translate into steady, sustainable growth going forward. Our retention remained extremely high at 97%. We saw more consistent customer demand during the peak hiring season than last year, and closer to being in line with historical norms. The trends in our base performance continued to improve on par with how we had forecast the fourth quarter, with base remaining slightly negative. Adjusted EBITDA for the fourth quarter was $117 million, up an impressive 17% versus last year on a pro forma basis. Our Adjusted EBITDA margin of 27.8% exceeded our expectations, representing an improvement of 110 basis points versus the prior year on a pro forma basis, despite being slightly lower sequentially from Q3 due to mix. This mix shift was driven by the sizable incremental upsell, cross-sell, and new logo revenue from our go-to-market wins in 2025, which had a larger mix of products with higher relative third-party data pass-through costs. Overall, our robust revenues were enabled by our continued focus on accelerating synergies, our disciplined approach to cost management, and the scalable nature of our business. Adjusted diluted EPS was $0.30, a 67% increase year-over-year, and also ahead of our expectations. The benefits of our greater scale, expense, and capital management and lower interest expense as a result of our debt repricing and voluntary debt repayments to date have supported our per-share earnings growth. Turning to full-year results on slide 10, not only do we believe Q4 was our best quarter ever, but we believe 2025 was our best year ever. Our full year 2025 performance exceeded our most recent guidance ranges for revenues, Adjusted EBITDA, adjusted net income, and adjusted diluted EPS. This is further evidence that we continue to be diligent and successful at controlling what can be controlled within our business. The resiliency of our diversified business model and our industry leadership position enable us to navigate the uncertain macro environment. On slide 11, you can see how we are continuing to make great progress on our synergy program. As of quarter end, we had actioned $55 million in acquisition synergies, moving closer to our total synergy goal. We realized $8 million of incremental synergies in the fourth quarter, bringing our total 2025 incremental realization to $38 million, or $42 million realized over the transaction lifetime. Turning to cash flow, net leverage, and capital allocation on slide 12. We are incredibly pleased that for the year, we generated adjusted operating cash flows of $232 million, a substantial increase of $67 million or 41% on a year-over-year basis. This impressive performance was driven by the larger scale of our business, the benefit of the OBBBA tax law, which reduced our required cash tax payments, and our overall focus on cash flow. Our cash balance at December 31, 2025, was $240 million. Our synergized Adjusted EBITDA net leverage ratio at year-end was four times and represents a decrease of 0.4x from a year ago when we had closed the Sterling acquisition. As Scott mentioned, today we are announcing two key capital allocation actions. Continuing our commitment to consistently paying down debt, subsequent to the end of quarter, this week, we are making an additional voluntary prepayment of $25 million, bringing our total debt repayment since closing to $95.5 million. Today, we have announced a new $100 million share repurchase authorization, which we will opportunistically execute over the coming quarters. The success of our business strategy and the strength of our balance sheet and cash flow profile have allowed us to make the strategic decision to allocate a portion of our capital toward share repurchases. The reality of our recent valuation levels makes share repurchases a strategic use of capital that maximizes shareholder value creation and is an opportunistic method to deploy capital in an environment where we believe the market is not reflecting the long-term prospects of our company. Said simply, at our current valuation, this is just prudent corporate finance. Enabled by the strength of our financial position, we are able to pursue a balanced capital allocation strategy that includes both voluntary debt repayment and opportunistic share repurchases, while maintaining our focus on deleveraging liquidity and long-term value creation. As we strategically balance our capital allocation priorities, our near-term deleveraging timeline may change modestly. However, our long-term leverage objectives remain unchanged, and we expect to continue to reduce leverage towards our long-term target of 2x-3x. Moving to Slide 13 and our 2026 guidance. We expect 2026 total revenues in the range of $1.625 billion-$1.7 billion, Adjusted EBITDA of $460 million-$485 million, and adjusted diluted EPS of $1.15-$1.25 per share. For revenue, this represents approximately 6% year-over-year growth at the midpoint, with upside potential driven by the success of our go-to-market initiatives. We expect to expand full-year Adjusted EBITDA margins by approximately 40 basis points at the midpoint, as we continue to leverage synergies and scale our growth. On top of this, we expect impressive adjusted diluted EPS growth of 15% at the midpoint. When compared to our 2024 adjusted diluted EPS following the Sterling acquisition, this represents a robust 20% two-year CAGR. Our 2026 guidance builds off the success we had in 2025, including our outstanding go-to-market wins, as we maximize the benefits of our stronger business and enhance our competitive strength. Our guidance includes assumptions for synergies, go-to-market strength, investment in organic growth, shifting product mix, and our current view of the macro environment. Specifically, it assumes action synergies within our full year target range of $65 million-$80 million by the end of the year. We expect our exceptional go-to-market productivity to continue, with robust upsell, cross-sell, and new logo growth during the year, coming in at the high end, if not slightly above our long-term growth algorithm. As we have mentioned, in 2026, we expect order volumes from our newer wins to normalize more evenly over the course of the year. We expect momentum in the first half of the year, continuing what we saw in Q3 and Q4, driven by the large deals that went live in 2025. We also expect customer retention to remain in line with our strong historical performance of around 96%-97%. Factored into our 2026 guidance are the impacts of our strategic investments in organic growth, including enhancing our product, sales, and marketing capabilities, as well as expanding our international business opportunities. While we anticipate the near-term revenue and margin contributions to be more limited due to the offsetting effects of the investments themselves, we will establish a solid foundation for additional future growth. We expect growth to accelerate in the second half and meaningfully by year-end, propelling revenue performance and margin expansion in the mid and long term. In addition to these factors, we also expect the more recent impacts of higher out-of-pocket passthrough fees and our current product mix to continue as the newer deals mentioned before roll over into 2026, providing a modest headwind to margin percentages, although dollar profitability of these deals is very attractive. As it relates to the macro environment, the labor market we broadly serve looks to be more stable entering into 2026, continuing the trend of a relatively flat hiring environment we saw in 2025. With this in mind, for 2026, we expect that base growth will remain modestly negative, between 0% and -2% for the year. Looking at quarterly phasing in 2026, with a more stable macro backdrop, strong rollover from upsell, cross-sell, and new logo, and our go-to-market growth initiatives driving second half growth, we expect all four quarters to have revenue growth rates in the mid-to-high single digits. We do expect base growth to be slightly higher in Q3 and then lower in Q4 as revenue smooths out to a more normalized quarterly distribution, which includes the impacts of the 2025 wins I just mentioned. We expect Q1 Adjusted EBITDA margins to be around 26%. While we have some incremental benefit from the more recent synergies, the impact of revenue mix and initial growth investments impact early year margin appreciation. As revenue scales up seasonally, we expect margins to improve meaningfully in Q2 towards 28% before reaching the 29% range in the second half of the year. S imilarly, for adjusted diluted EPS, we expect meaningful year-on-year expansion in all four quarters, with Q1 expected to be at or just above $0.20 per share, with a ramp to the high $0.20 range in Q2, then improving to the mid to upper $0.30 range in both Q3 and Q4. We anticipate free cash flow for the year in the range of $160 million-$190 million. This notable year-over-year increase reflects our ability to generate incremental cash flow from better working capital management and a significant decline in inter- integration related costs, while also investing in accelerating our growth. We have provided additional assumptions in the appendix of our presentation. Overall, we enter 2026 in a position of strength, with opportunity to continue to build on our success through our FA 5.0 growth strategy. With that, let me turn it back to Scott for closing remarks before we open the line for questions. Thank you, Steven. In closing, we delivered outstanding results in 2025 and are carrying our strong execution momentum into 2026. Looking ahead, as a clear leader in our space, we remain focused on consistently winning by delivering best-in-class solutions for our customers. We remain confident in our ability to achieve consistently strong results and are progressing well toward the four-year financial targets we established during our Investor Day in May 2025. I would like to thank the First Advantage team for your continued dedication to supporting our customers. With that, we will open the line for questions. Thank you, Mr. Staples. Ladies and gentlemen, at this time, we will begin the question-and-answer session. If you do have a question, please press star one on your telephone. If at any point your question has been answered, you may remove yourself from the queue by pressing star two. If you are using a speakerphone, we do request that you pick up your handset while asking your question to provide optimal sound quality. We'll go first this morning to Shlomo Rosenbaum of Stifel. Hi, good morning. Thank you for taking my questions. Really a strong quarter and, you know, the commentary seems like things are improving and getting better. The question I have is to start out with is, what are your clients telling you about their own hiring plans? In particular, how are they taking the AI evolution into consideration? You know, are you concerned at all that their plans might change on a dime because all of a sudden they feel that they may not need the amount of people that they were thinking of having before? 'Cause the business is subject to, you know, short-term changes and with the visibility not necessarily as great for, you know, when things all of a sudden change on a dime. Shlomo, thanks. Great question. I think I'll start by reminding everybody about how customer focused we are, and I think you know, we spend a lot of time with our customers. We are talking to them daily, weekly, monthly, quarterly. We are actively involved in their hiring process and in their planning. We have pretty good visibility and a lot of what I would call sample data to basically base our 2026 plans off of. What you're seeing in the media doesn't match what our customers are saying. Keep in mind, we primarily have an enterprise focus, so we're talking to the larger customers. I'd say if you know, look at the media, you'll hear a neutral to negative tone, but when you talk to our customers, we're hearing a neutral to positive tone. I don't recall a single customer conversation that I've had going into 2026, where a customer has mentioned a decline in hiring. We are only hearing flat to positive. We're actually also hearing that in certain verticals, which are surprising, where, you know, you feel like there may be AI disruption. We're not hearing that at all. We're hearing that they're actually hiring more people or planning to hire more people in 2026. We're hearing a neutral to positive tone from our customers, and that's encouraging. Okay, thank you. There was a comment about there was a certain amount of delayed volumes in 3Q that ended up in 4Q, 'cause of the timing, I guess, of full implementation. Are you able to quantify what the impact of that was in, or at least estimate what that was in terms of the revenue growth? What did they contribute to the revenue growth in the fourth quarter? Yeah, Shlomo, it actually wasn't a delay. What ended up happening is that, you know, a couple of customers were waiting to go on board with us and held screening volume back from their previous provider. It's not really a delay, it's more of a kind of a reflection of the value proposition we bring. That's why I kind of mentioned in the prepared remarks that there'll be a small flip in base growth between Q3 and Q4, you know, if you're just doing your quarterly pacing, 'cause when that normalizes out, we'll just have a shift. It's not huge, but it's a couple percentage points probably that shift between the two quarters. Okay, great. Thank you. Thank you. We'll go next now to Ashish Sabadra of RBC Capital Markets. Thanks for taking my question, thanks for providing those detailed insights in the prepared remark around the move around AI, the AI integration, implementation plans, and efficiency. I was just wondering if it's possible to quantify or provide anecdotal example of the benefits from the AI adoption, and maybe if you could provide any insights into, like, software development, product rollouts, customer service, and also if you've started to see any benefit from your AI adoption in terms of new wins on upsell, cross-sell? Any kind of benefits, both internal or external, from AI. Thanks. Ashish, I will give you a broad answer to that question because it's extremely hard to quantify because it's literally everywhere, and it's embedded in all of our products and in a lot of our new wins. As I mentioned in the prepared script that, you know, we've got AI all throughout our product platform, whether it's our SmartHub technology, which has, you know, a very large impact on verifications. We actually have a number of wins in 2025, where they have specifically told us that they came to us because of our SmartHub verification product. It's starting to catch on. AI is embedded in our digital identity products, and we have a lot of wins in 2025, where a digital identity has been the tip of the spear. It's amazing. I will call it an absolute epidemic right now that customers are experiencing with identity fraud, and our products are really resonating with our customers. Yes, there's been cost savings from AI, whether it's in our customer care center, where we don't need as many agents because we're doing things through chatbots. There's been wins because of AI and because of technology, but it's just so hard to quantify because I just think this is the new First Advantage. This is all of what you're asking is embedded in everything we're talking about from a sales standpoint to an operational standpoint. Very hard to carve out, but I would say the impact is phenomenal. That's great color. Obviously, it's reflected in the results as well. I also wanted to hone in further on the solid cross-sell, upsell momentum of 12% in the quarter. I understand a lot of it is driven by this new win momentum, I was wondering if you could provide incremental color around what's driving that cross-sell. Are they adding more business units, geographic expansion, and where are you winning these businesses from? Any more color on those fronts will be very helpful. Thanks. Yeah. Again, keeping in mind that our focus is, you know, more on the enterprise side, so a lot of these deals are with, you know, with the larger companies. I'll make a couple of high-level comments. First of all, you know, in general, our sales engine is humming. I mean, this is the best I've ever seen it. The pipeline is the highest it's ever been, and if you look at our total enterprise new business across new logos, upsell, and cross-sell, it's actually up 24% year-over-year. That's a massive increase. What we're also seeing is our average deal size is increasing. Not only are we winning deals, we're winning larger deals. I would say these larger deals are more bundled, and they're more complex. Average deal size is up high double digits. There's a lot of good momentum on the sales side. In general, what's driving it is package density. Package density is booming. I will tell you that right now. I mentioned in the script that we. Again, we talk about, you know, how we're talking to customers every day, you know, every day. I also mentioned in the script how we launched our annual trend survey just recently, and we talked to, you know, literally, you know, well over 2,000 HR professionals. It's very interesting what we're hearing from them. You know, 89% of employers plan to add additional screening products in the next one to two years. A lot of that is driven by the challenging and even at sometimes dangerous world that we live in. Our customers are looking for more risk protection. What was also mentioned in the script was risk is now the number one, by far, top priority for our customers. If you asked me that question three, four, or five years ago, it was always speed, and then it was cost. Now it's risk, speed, and then cost. That's a dramatic shift. A lot of this has been driven by, again, the epidemic that we're seeing in identity fraud. Again, going back to that survey, which we will release over the next couple of weeks, 76% have experienced falsified employment details, and 45% have experienced candidate identity misrepresentation. These are huge openings for us. As I mentioned, digital identity as the tip of the spear, but what's beautiful about our product offerings is that we can integrate all of this for the customer. Just think about where we touch. We touch everywhere from recruiting through the background screening, through onboarding, all the way to I-9 and their first day of work, and even beyond through monitoring. Customers are really liking our product suite because it's not a point solution. It's an embedded workflow that touches all the things that they're worrying about. This is very helpful color, and congrats on such a strong results. Thanks. Thank you. Thank you. We go next now to Andrew Steinerman of JP Morgan. Hey, everybody, this is Alex Hess on for Andrew Steinerman. Wanted to just ask a quick question about the margin guide for 2026. Can you walk us through some of the puts and takes there? How to think about the degree to which you're reinvesting and sort of the why now behind reinvesting so much of the, what seems to be the cost synergy benefit, as well as can you highlight any of the mixed headwinds from newer logos? Maybe unpack that a little more. Yeah, Alex, good question, and obviously kind of a core theme of the guidance that we talked about. A few factors that are, that are, you know, headwinds and tailwinds in terms of just margin percentages, but overall, you know, really feel good about the net dollar productivity at a margin. You know, I think we've talked about margin mix for the last couple of quarters, and especially with some of these newer deals and the verticals that they're in and the product suites that were sold, there's just a relatively higher mix of those out-of-pocket fees, which are all pass-throughs to the customer, but that do dilute you on a margin percentage basis. That's certainly a factor in there. You saw that a little bit in Q4, and we, you know, obviously, as that rolls over through Q1, Q2, and Q3 next year, that'll normalize out a little bit. Obviously, spending some work, you know, the initiative Scott talked about, you know, automation and some of our data products to try and offset some of that, but that's certainly a factor. You know, on the headwind or the tailwind side, we'll have some of the rollover from synergies and incremental synergies. As you called out, you know, we are prioritizing some incremental investment, and I think the rationale there is really, you know, we see ourselves creating some really strong competitive differentiation. If you look at some of the HCM and ATS partner success that Scott Staples highlighted in the prepared remarks, some of the product success, and really just, you know, using the success of the integration, the stability in the customer base, and looking at how we're positioned in the market right now, it's just an opportunistic time to invigorate incremental growth by putting some dollars towards, you know, product sales, marketing, which are areas that we've invested in the past and always seen really strong returns out of. Alex Hess, I'll just add on, why now? You know, as I mentioned, we're talking to our customers every day, and they're sending us really good buying signals. Why now is really become an easy decision for us. We've got actual pipeline that is backing up a lot of these investments that we're making. We're not making these investments in a build it, and they will come model. We're actually making these investments with already defined pipeline, where our customers are saying, "If you build this, we'll buy it." These decisions actually became pretty easy, but that gives you a little more color on why now. Got it. That's super helpful. Then as we think about those in, you know, that pipeline of defined investments, you know, can you walk us through internally how you think about the payback period that's required to make the incremental investments back into the business? You know, is this something where we see the momentum on the top line continue into 2027 because of these investments, or is this a 2028, 2029, 2030 type of payoff? No, you'll see. Yes. Yeah, you'll see impact in the second half of this year. There'll be some in-year impact because of these investments. They certainly will carry into 2027 and 2028. The good news about a lot of these investments is we don't think we need to actually do them again in 2027 and 2028, so that would, you know, that's going to help EBITDA in the future as well. Steven, you might have a little more color. Exactly right, Scott. I think, you know, obviously, you invest early in the year, we expect good returns in the second half of the year. Like, a lot of our go-to-market success, you know, when you have that back half of the year success, you get the rollover impact into the future periods. Like Scott said, you know, these aren't permanent additions. These are, you know, either one-time development exercises or rebranding and some other stuff like that, of making sure that we can accelerate over the short term and then create long-term value. Thank you so much. Thank you. We'll go next now to Andrew Nicholas of William Blair. Hi, guys. This is Daniel Maxwell on for Andrew tonight. I was wondering if you can give a little more detail on how you're thinking about the ROI from each of your capital allocation priorities heading into the new year. Definitely sounds like repurchases are incrementally attractive at this price. Is there a willingness to sacrifice, you know, some free cash flow that would go to deleveraging in favor of repurchases, or are those truly, you know, not mutually exclusive? You know, as you heard in my prepared remarks, it's an and equation, not an or. I think we're very fortunate, you know, we've got you heard our free cash flow guide, $160 million-$190 million, finished, you know, the 2025 with $240 million of cash on the balance sheet. We generated $70 million of net cash flow last year in 2025. You know, we're able to, you know, as you heard us announce, pay down $25 million of debt this quarter and, you know, able to also announce $100 million of buyback authorization. With the buybacks, we'll obviously be a little bit opportunistic there. At the current valuation levels, it's very accretive from an EPS and just, you know, any kind of corporate finance math you run, it makes sense to do share repurchases at this valuation, especially with our numbers and PE ratios and things like that. We have the ability and flexibility of generating good cash flow. You know, the success of the integration, we talked about this on the prepared remarks, but to finish the integration with 96% and 97% customer retention, curtailing a lot of the one-time expenses and now having strong, you know, free cash flow into the future, it was an opportunistic time to look back and say, we don't think we're being valued correctly, and if the market doesn't correct, we'll happily buy back some of those shares. It's not to the sacrifice of debt prepayment. We'll do both at the same time. Great. That's helpful. As my follow-up, you guys had some good commentary on which verticals were doing well and which are still kind of lagging, moving into the new year. I'm curious if there were anything in the quarterly results that kind of came as a surprise, particularly on base growth front, or if there was an especially strong momentum, in a given area, on the sales front? I mean, just a couple of things there. One, what we were happily surprised about was the quarter resembled what our normal peak season would look like. If you recall, we had back-to-back years of a sluggish peak. We had a great peak. It started when we thought it would start. It lasted, you know, well into well past Thanksgiving into December. We had a great December as well. Peak was very encouraging, and that's great for retail, e-commerce, transportation. They're all kind of aligned there. I don't think we had any surprises, either negative or positive across any of the verticals. They all kind of came in line with what we thought, and I think geographically as well. As we mentioned, our international business was firing on all cylinders across all regions, not singling out a single one as a star performer or a laggard. They were all firing on all cylinders, which was great. I think the, you know, the signaling to us that peak season was back was great. It obviously made for our best quarter ever in Q4. It's just I think what's interesting maybe is it sort of goes against what you read in the media or you're seeing and hearing, because this is not what our customers are feeling. Great. Thanks, Scott. Thank you. We'll go next now to Manav Patnaik at Barclays. Hi, good morning. This is Ronan Kennedy, on for Manav. Thank you for taking our questions. Can you please talk at a high level to the puts and takes that would take you to the respective low and high ends of the guided revenue range, whether it be the macro and your base or cross-sell, new or other components, please? Ronan, good question, and you kind of hit on the two main ones. Certainly, you know, as we talked about, 6% growth at the midpoint kind of assumes that that flat hiring environment, you know, as I shared, you know, embedded in the range at the upper and lower ends, is we think base is still, you know, between 0 and -2. It's that continuing flat environment. Obviously, there's still all the, you know, policy uncertainty that comes out of Washington these days that could always, you know, move that towards that upper or lower end. You know, as Scott just mentioned, you know, we're hearing, you know, very positive tones and very consistent tones across the enterprise customer portfolio. Certainly, you know, we've got good rollover momentum going into 2026, so we feel good about, you know, delivering, you know, higher end of our algorithm on the new logo and upsell, cross-sell front. But as we have our deals that are already in pipeline, to how those ramp, plus the investments we're making and the incremental growth that we can get there, that's what pushes us probably from that midpoint towards the upper parts of the guidance range, would be the success of those as well. Those are really the two main factors. You know, we are very pleased with the consistency and stability within retention, and that part of the algorithm, you know, we don't take it for granted, but, you know, it's such a core part of what we do here and our focus on our customers, that 96 or 97% retention number can be modeled in, you know, very consistently. Got it. Thank you. Then on the synergies, can I confirm I think you've actioned $55 run rate as of 2025, targeting $65-$80? Can you reconfirm reported synergy benefit realized in 2025, 4Q, and what the guide assumes for synergy? Yeah. realization benefits? You're right on. We've you know, as of the end of the year, we had actioned 55 of the 65-80 target. $8 million was incrementally realized in Q4 of 2025. If you recall, when we closed the deal in, you know, October 31st of 2024, we did some day one synergies and realized $4 million in 2024. That $8 million is incremental to that. You know, for the year, the incremental synergy realization was $38 million. Okay, thank you. What's assumed for the realization for 2026? I mean, obviously, we have some rollover from what we've already actioned. You know, our first priority for the year is growth. You know, the synergies, you know, we said we'll get to the targets by year end. It's probably more second half of the year when we action those synergies, just because, you know, as we've talked about on some of the last few questions, you know, we're using 2026 and the momentum we have going into the year to help propel incremental growth. We've got a great action plan on getting those synergies, which are primarily in cost of sales and optimizing data acquisition costs and things like that. We know we'll get it. It'll just be a little later in the year. That's just kind of the balance of growth versus synergies. Thank you, Steven. Appreciate it. We'll go next now to Jeff Silber of BMO Capital Markets. Thanks so much. I know it's late. I'll just ask one. You alluded a few times in your prepared remarks to the digital identity practice. Is it possible to quantify that for us, either as a percentage of revenues or growth, and what's embedded in guidance for 2026? I think it's becoming harder and harder to quantify because it's embedded in a bundled solution. We will try to give you some sort of quantification of the impact of digital ID probably in another 6 months. We just let this pan out a little further. There's really two aspects to it. There's one where, you know, it can be quantified as a standalone operation, and two, where it's embedded in with a number of other products, a little harder to quantify. I can tell you anecdotally that it's having a tremendous impact on the pipeline and a number of go lives in Q4 with very large customers. One, we're gonna get a quantification of a revenue lift. Two, we believe it also brings a lot of stickiness with it, so it should even help retention because now you're really embedded with a customer when you're handling their digital ID all through their background check and onboarding. We will try to give you a little more quantification flavor of that in about another 6 months, but I can anecdotally tell you it's having a really nice impact. All right. Appreciate the call, Scott. Thanks. Thank you. We'll go next now to Scott Wurtzel of Wolfe Research. Hey, good morning, guys. Yeah, I'll just ask one as well, and actually on identity too. Just in the context of, like, mixed impact on margins, I guess, what sort of impact does identity have on, you know, on margins, I guess, relative to, you know, some of the other products that you have? Thanks. Yeah. Yeah, I think, I mean, go ahead, Steven. Yeah. Over to you. Yeah, no, it's certainly a higher margin product because you don't have to go out and acquire court data or driver record data or drug screening data, you know, costs, things like that. It is a higher margin product. It's, you know, really a core tech service in its heart. As Scott mentioned, it's getting harder and harder to break apart the discrete impact of it because it's either, you know, embedded and bundled into other services. To Scott's other point, you know, it's driving, and it's the reason a lot of customers are looking at and/or choosing First Advantage. You could argue it's tremendously benefit from a margin standpoint because you're winning opportunity. It's almost a marketing mechanism at this point. Got it. Thanks, guys. Thank you. We'll go next now to Kyle Peterson with Needham. Hey, good morning. Nice results. Thanks for squeezing me in. I'll just ask one as well. Wanted to ask a little bit on, you know, upsell, cross-sell to good package density. That's been, you know, a really nice tailwind for you guys for quite a while here. I guess if you guys had to guess, you know, what inning would you say that we're in here? Like, is there still a lot of progress, you know, this can continue to support, you know, pretty sustained growth over the next, you know, couple of years, or, a lot of the packages kinda fully densified? Just any color as to where we are would be really helpful. Yes. Staying with the sports analogy, Scott, I would say that actually the game has started all over again. You know, where we were probably you know, a year ago is maybe halfway through the game. I'd say the game has completely started over. It's, it's first inning of the next generation of package density with digital identity being at the center. It, it's also, you know, I, you know, I hate to say this, but, you know, turn your TV on at night and, you know, the world is very challenging right now. As I mentioned with our trends report, risk and risk mitigation, it has leapfrogged to our customers, our buyers' number one concern. What that then means is package density, because they're just looking for more and more protection. They want to protect their employees, they want to protect their brand, they want to protect their offices, their physical infrastructure, they want to protect their shareholder value. Anytime we can come up with, you know, more data searches, better data searches, we can come up with new offerings, new product lines, new ways of doing verifications, new ways of doing identity, we seem to be catching a very welcoming ear at our customers because their C-suite and their boards are continuously asking them: What else can we be doing? I'd say the game has started over with digital identity being the cleanup hitter in your metaphor, where it's really an epidemic right now, and First Advantage is really in a good position. Great. Thank you very much, and nice results. Thank you. Ladies and gentlemen, that is all the questions we have today. That will bring us to the conclusion of today's conference call. We'd like to thank you all so much for joining the First Advantage fourth quarter and full year 2025 earnings conference call and webcast. At this time, you may disconnect your line. Have a wonderful day.