Superior Group of Companies operates in three attractive growth industries, including healthcare apparel, branded products, and contact centers. I cover the company with an outperform rating and a $16 price target. It is a compelling total return vehicle offering a 4.3% annualized dividend yield. With me today are Michael Benstock, the CEO, and Michael Koempel, the President and CFO. The company will provide a brief presentation. We'll allow time for Q&A. If you have questions, please feel free to type them in the chat section. I will get to as many of your questions as possible. With that, let me turn the floor over to Mike. Go ahead, Mike. Thanks, Michael. Good morning, everyone. We appreciate your interest in Superior Group of Companies and the opportunity to share the highlights of our company. As Michael said, my name's Mike Koempel, I'm the President and CFO of SGC, and joining me today is Michael Benstock, our Chairman and CEO. Michael's family started the business over 100 years ago, and Michael has worked in various positions throughout the business for over 45 years, including over 20 years as our CEO. Here you can see our safe harbor statement, which you can read at your leisure. Now just moving into why do we believe Superior Group is an attractive investment. As Michael alluded to initially, we have three attractive, diversified businesses which operate in large, profitable growth industries. The industries in which we participate are highly fragmented with ample opportunity for organic growth, and a still very modest share of the industry that we have. It's enabled by our strong customer retention as well as acquisitive opportunities in a couple of our segments. All of our segments have had a history of growth and profitability with our Contact Center segment, our highest growing, and fastest growing, and highest margin business. Lastly, it's important to note that we have a solid balance sheet driven by a history of strong operating cash flow. We've consistently paid a dividend since 1977, and we have a share repurchase authorization currently in place. With that, I will turn it over to Michael, to get deeper into our segments. Morning, everyone, thank you again for joining us. We are one of the largest and oldest providers of healthcare apparel in the United States. We've been under the brand Fashion Seal Healthcare, which was our original brand, founded in 1920. We've been selling institutionally to laundries across the United States since then, and in the last 15 years or so, we've gotten more into fashion apparel, and selling to retailers and to consumers. This is a $4 billion TAM, and so while we've been a major player in this, and we certainly have a decent percent of market share, there's a long ways to go in this business. Wink is our brand on the consumer side, and we are a licensee of Carhartt as well on the fashion scrub side. We have all the channels of distribution covered when you look at the marketplace. Wholesale specialty stores, e-tailers, our own direct-to-consumer, laundries and distributors, as I said, we're gaining more and more recognition every single year with the recent launch of our direct-to-consumer two years ago. Let's go on to the next slide. Our customer list includes some of the most prominent companies. These are ones that you would all know. There's many more besides these. Some of these have been customers of ours for a good deal, I would say decades. Some over 50 years. Our second business segment, when Mike flips the slide, there we go, is branded products. Branded products is our largest segment. This provides branded merchandise, also known as promotional products, and logoed uniforms to some of the largest companies in the world. We build for our clients and really curate gifts for our clients that are used for employee and customer giveaways, and incentive programs. Uniform programs, as you can imagine, that are logoed, conference giveaways, gifts with purchase, and even branded retail revenue-producing merchandise, which we'll speak about in a moment. Pretty much any item in the world that you can think of that you would want to put a logo on. Let's look a little bit more at the numbers behind our industry. Most people are surprised to hear that this is a $27 billion marketplace. It also has 25,000 competitors in the U.S. alone. We are one of the top 10. We're number nine, but according to some reports, we're now number eight, but we are waiting till those are published. We've climbed from obscurity 10 years ago in this business to where we are today. Very, very proud of the growth in that business. We produce tens of millions of branded products per year, and they're very, very different than the stress balls you see given out at trade shows. We produce gifts that people keep, and that people remember. Another interesting fact with respect to the branded products, on the branded uniform side of that business, 5 million people wear our uniforms to work every day. I didn't say on the healthcare apparel side that 2 million people wear our uniforms to work every day as well. That's 7 million people wearing our uniforms to work every day. When we get to who are we selling to, this is like a walk down Main Street, and literally grocery, convenience stores, pharmacies, as well as a lot of people in the gig economy, airlines as well. We're very, very proud of our customer list, and some of these people have been customers of ours for decades. Next, Mike's going to take you through our last segment, which is our contact center segment. Thank you, Michael. Contact centers is our third business, which we operate as The Office Gurus. The Office Gurus is a group of nearshore contact centers supporting both inbound and outbound call services on behalf of a number of brands across a variety of industries that you'll see here in a moment. We operate across three countries, El Salvador and Belize, and the Dominican Republic, as well as in the state of Florida. By focusing on the small to medium-sized opportunities, we provide our clients with high touch service as compared to larger engagements that have thousands of agents that are largely focused on transactional services. We also bring consistent processes and leverage analytics and technology, including various AI solutions, which are all focused on improving our customer's experience for our clients. This is another large and growing market. You can see it exceeds over $100 billion. Our market share, again, as you can see, is just a very minimal portion of that because, again, we're focused on onboarding clients that are smaller, that often have quickly growing needs. You can see this, again, as I mentioned before, as our fastest growing segment with a sales CAGR of almost 17% since 2018, with an attractive EBITDA margin of 10% in 2025, also with strong net revenue retention. Similar to our other segments, as Michael highlighted, our contact center business serves a wide range of businesses, as you can see the labels here on the screen across various industries, including legal, travel, and leisure, and retail, just to name a few. Zooming out just for some quick financial highlights. If you look at our revenues since 2015, you can see that we've had growth across all three of our segments since 2015, an annualized growth rate of 10%, largely driven by organic growth, but also includes growth through acquisitions in both our branded products and in our healthcare apparel segment. I would just note our guidance for this year. The upper end of our range is $585 million, which translates into about 3% growth, over 2025, which was $566 million in sales. Looking at our capital allocation priorities, you can see we've got four main priorities. One, consistently paying a dividend, as I mentioned, since 1977. We know that's an important value proposition for our shareholders. Share repurchases. We've completed one plan that was approved in 2024. We have a current plan that's outstanding that has over $9 million still outstanding, available to repurchase. Of course, we'll continue to make investments in the organic growth of our business. We've been spending CapEx in the range that we target of about 1%-1.5% of revenues. Lastly, we will continue to look for strategic acquisitions, particularly in our branded products and contact center segments. With that, Michael, I'll turn it back over to you for any questions that you or the audience might have. Great. Thanks, Mike, and thanks for that great overview. I did want to remind everyone that if you do have a question, feel free to type those in, and I will get to as many of those as I possibly can during the allotted time. My first question here is, obviously, the company has gone through some significant challenges, especially post-COVID, and then more recently, the trade policy issues. I was just wondering, how has customer purchasing behavior changed over the past year? Are customers still cautious on discretionary spending, or have things started to normalize? Good question. You almost have to take it by business. Let's start with the healthcare uniform business. The healthcare uniform business is really not a want business. It's a need business. Nurses and caregivers have to wear scrubs. Laundries have to provide them to the more critical areas of the hospital, to the more acute areas of the hospital. It really hasn't changed much. Yes, there's been a downshifting of spending, as opposed to we have a good, better, best product. We also have a value product. Out in the marketplace, everybody's aware of who the luxury product is. We're not in the luxury space. It's a very small space. People have gone from better to best or from best to value, as they're spending more on gas to get to work and other things, they have to conserve elsewhere. In terms of number of units, we're in good shape. When the economy does come back, gas prices do come down, and food prices come down, we expect to see a nice bump. On the branded side of the business, there's the uniform side. We're seeing still employer retention policies are really heavily geared towards trying to keep the employees they have and keep turnover at a minimum. That includes giving them uniforms. that they're proud to wear and giving them enough uniforms to wear. While they may have less employees because less people are eating out, they are spending on their employees. Of course, on the branded merchandise side, which is largely controlled by HR departments and marketing departments, HR for when it's an employee spend, marketing when it's a customer spend. We've seen the purse strings loosen up greatly in that area. We think we're uniquely positioned because I think everybody got tired of the stress balls and the drinkware and all the other things they could get from the competition out there, and we kind of set ourselves apart in that we curate gifts that really people do want to keep. If you go out to BAMKO's website, you can see some of that. Keep in mind also that we price every deal on its own at the time before shipment. It has all kinds of caveats in there with respect to tariffs and with respect to logistics costs and so on, which covers us, in any event, if pricing increases. We've seen that business doing quite well right now. I said this on earnings call recently. It's been five years of uncertainty since the pandemic, since March of 2020, and we've fared very, very well. If you look at our five-year growth, it has been spectacular, if you look at where we are now versus where we were in 2019. I think we've gotten used to operating in uncertain times where it doesn't phase us anymore. We've always been very good at pivoting. Historically, you can look at through every recession. My great-grandmother started this business in the midst of a pandemic, in the year that she was given the right to vote, if you want to keep that in context. There were wars. World War II came after that. This business has always been a business that could pivot and do what it needed to do in uncertain times, but we've gotten particularly good at it. We're operating the business as though it's always going to be uncertain, and we're going to be better in uncertainty than everybody else. Great, Michael. I would like to shift the discussion away from supply chain questions, because I believe you have fully addressed that concern. I do have a question that came in. Where do you manufacture your clothing products, and how are you addressing logistical issues, particularly overseas shipping? Yeah. We operate three of our own factories in Haiti that do a lot of our healthcare uniform products, especially the ones that are needed quickly, where replenishment is really important. From Haiti, we can ship merchandise and have it sitting in our warehouse a week and a half later, as opposed to the 45 or 55 days it takes from other places in the world. We're everywhere. We're in Vietnam, we're in Bangladesh, we're in Pakistan, we're in Africa, different parts of Africa, Madagascar, which is duty free, as Haiti is as well, and tariff free now. I think at last count, we were in 11 different countries, and we've always had a strategy of redundant manufacturing. The reason why we had that is because of all these crises that happened in the world, and it was very useful to us during the pandemic as countries were shutting down to be able to move production to another country or another part of that country. We'll continue to maintain that redundant strategy, but we're always looking for where is the lowest cost. Of course, quality goes without saying. We have to go into factories that meet our standards, both from a quality standpoint and from a social responsibility standpoint. Great. I want to kind of shift a little bit and talk a little bit about your promotional product segment. It's become a major driver for your business. What are the biggest opportunities to accelerate your growth from there? Maybe you can just talk a little bit about your competitive advantages, because it seems like you're winning against larger promotional product competitors, and I was just wondering if you could just talk a little bit about that. Mike, I'll let you jump in, and then I'll fill in at the end. I think the opportunities for growth there will continue to be, as we've talked year-over-year around just continuing to add and build upon a really strong, productive sales rep force. We are very selective about who we bring on, because we want the cream of the crop, so to speak. We want the best in the industry, those who can bring not only just a good book of business, but obviously drive incremental growth through adding new customers as well. Also, an area that we're exploring is getting into more of a digital, not necessarily direct-to-consumer, but more of a direct business with business-to-business. I think that would be an added channel that we're actively taking a look at that could definitely be a growth opportunity for the business. I would say our competitive advantage is on a number of fronts. We're very deep into the supply chain. We've got boots on the ground in countries where we purchase. We work, in many cases, direct with factories. We've got warehousing capabilities. We have very good technical capabilities to build websites for our customers that support their employees as well as their customers that provide a lot of value to them. I believe we provide an integrated, almost full suite of service to our customers with, again, being very active in the supply chain. I think Michael was talking through what we've navigated over the years. I think last year is a great example of how our branded products segment has a competitive advantage in the way in which they were able to successfully navigate the tariffs. We were able to pull forward sales at the beginning when there was a lot of anxiety around what the tariffs would cost. We were able to ship production around. We drove a very strong second quarter and a very strong fourth quarter once things begun to settle. I think it's another great example of just the agility and the service that we're able to provide to our customers. Yeah. On another front, most of our back office to our entire branded products business is overseas in India or El Salvador. For our uniform side of that business, most of the customer service and all the other functions are done in our contact center, on one floor of our contact center in El Salvador. In India, we employ over 400 people who support the branded merchandise side of our business, and it gives us a competitive advantage. First of all, we can be very quick. Hiring decisions, should we hire, shouldn't we hire? It's a low-cost environment. We usually make the decision to hire, if it can give our customers a better experience and our salespeople a better experience. I would say, more importantly, we do a lot of our own programming. We are so interconnected with our customers from a technology standpoint, it's really hard for them to break away at this point. 99% of our competition does not have the capabilities that we have, or the architecture that we have that's tied into our customer system. When we do an acquisition, obviously we're looking at what can we pull out of the U.S. and put into these lower-cost environments. Oftentimes we're buying businesses that aren't super profitable, but we can make them very profitable. I would say those are the advantages we have. Besides, Mike touched on it, we have people on the ground in Guangzhou, China, in Hanoi, in various places around the world, and we have direct-to-factory experience. I can tell you when the pandemic hit in March of 2020, we pivoted our entire China team to find PPE. We were not in the PPE business. It was masks, face masks, shields, gloves, hand sanitizer, and we had dozens of containers on the water within a couple of weeks before anybody. We sold them, by the way, and got paid for them before they ever left the port. If you look at our jump in those years in sales, you would say, "Okay, we did $160 million in PPE, and our sales jumped." Notice that they didn't fall afterwards, and we're not selling PPE anymore. We were able to convert a lot of those customers that we were selling PPE to branded merchandise. In a way, I know it's hard to say this, but don't waste a crisis. We really pivoted very well. That's terrific. You did a great job. How much of runway exists between, and you touched on this, Mike, how much runway exists between your existing enterprise customers versus new customer wins? We feel like there's opportunity, really, in both categories. We've got large enterprise clients. You would see on the slide deck, the likes of Microsoft, Amazon, where just given the sheer size of those businesses, there's still wallet share to be gained there. Then, as I mentioned before, as we continue to add sales reps who bring books of business, they're bringing new customers along with them. Our pipeline, I would say both in branded products as well as in our contact center business, our pipelines are very strong, obviously with a lot of new potential customers. We still see a lot of runway, in particular in the contact center business with a historically high pipeline of potentially new customers to help grow our business. Yeah. I know that you indicated that there are significant M&A opportunities both in the contact centers as well as promotional products. I was just wondering if, it sounds like the promotional products obviously has a large amount of suppliers in that space. Would you consider larger strategic acquisitions in promotional products? Can you just kind of frame the opportunities of the M&A in that space? Sure. The simple answer is yes. I think we're pretty open-minded. We're not really interested in doing several, what I'll call small acquisitions and doing a roll-up strategy. I think we are looking for something that could be more meaningful, more strategic to that business. As an example, I mentioned, we do not have a direct business in branded products. Could there be a potential acquisition that might help add that channel? That's a possibility. I think, Michael, we're certainly open. I think the great point to make is that given our financial position, which is very strong, between our covenant ratios and the availability that we have within our credit agreement, we have a lot of liquidity that would enable us to make a larger, more strategic acquisition, if that made sense, both in the case of branded products as well as in our contact center business. Terrific. I know that the company's been extremely successful in bringing down cost across each of your business lines. You lowered SG&A cost in every one of your segments. How much operating leverage exists if revenue growth accelerates, and what should investors look for in terms of normalized EBITDA margins? Yeah. We've just had our second consecutive quarter of SG&A leverage. Actually, in the case of the fourth quarter, we got leverage on sales that were roughly flat. To your point, the cost reductions that we've made, we're really seeing the benefit of that. As we look ahead, we expect sales to continue to grow. There's certainly the opportunity for us to leverage SG&A by another few points. Our EBITDA margin, let's say last year was about 4.5%, and we believe that over time, with sales growth and leveraging the expenses, we can at least double that EBITDA margin rate over time. Again, a lot of that will come through leveraging SG&A, as well as obviously some gross margin rate improvement as well. We believe we've made investments in the business. While we've made reductions, we've made investments in the business, particularly in selling capabilities, which we think positions us to grow without adding a lot more G&A as we move forward. Perfect. I know that a lot of folks have questions about your capital allocation, you might want to address, do you have sufficient liquidity to fully execute your capital allocation priorities? How are you prioritizing capital allocation among acquisitions, debt reduction, share repurchases, and dividends? Sure. As I just mentioned before, between the cash flow that we've generated as well as the availability in our credit facilities, we certainly have sufficient liquidity to pursue those priorities. I'd say that, again, the dividend obviously is very important. That's a top priority. I think in terms of beyond that, we'll obviously look for opportunistic share repurchases, just depending upon the share price and the market, so we'll be in and out of the market. I'd say that we're also really, again, focused on M&A activity. I think our debt is well-positioned. To the extent that we have excess cash, we'll continue to bring debt down. The reality is we have a very strong net leverage ratio. Again, if there are larger strategic acquisitions, we'd certainly want to pursue those just given our current financial position. Yeah. I know that we're kind of winding down on our time here, but I have a couple of questions. What does Superior Group look like in the next five years? Bigger. I'll jump in. Mike can correct me if I'm wrong. We're targeting getting as close to $1 billion as we can in revenue. As Mike said, that will be split fairly evenly between organic growth and acquisitive growth. We expect our business will be approaching that 10% EBITDA level or greater. We are working really hard to make that happen. We believe we have strategies in place to get there now that a lot of the noise is finally behind us. We believe we've built the business and made a lot of the investments already for that to happen. As Mike said, we're going to get great leverage from those investments. It's interesting to me that the stock is very compelling, trading at modest multiples of EBITDA. You have a good growth story in terms of each one of your segments, pretty attractive growth. The question is: what is the most misunderstood aspect of your story today? I think people still remember us as only a uniform company. We get referred to often about our only being a uniform company. I think we're much more interesting than that. We're complex to a certain degree. We're a small cap or a microcap that has three different segments. I think most people don't want to take the time to learn. There might be simpler investments to understand out there, but our diversity also protects us to a great degree. If you look at what's happened over the last 25 years, whether it was a cotton crisis, whatever it was, our diversity helped us a great deal. I think if people understand, first of all, my family is still very invested in the business. You don't see my family selling stock ever. Sometimes we give some to charity, for the most part, we've been accumulating stock over the years, and our insiders as well. We're buying stock back. Obviously we have confidence in the stock, otherwise we wouldn't be so protective of it. I believe that when you get to Mike's capital allocation and you look at that should be persuasive to some people as to why they ought to invest in us. Yes, you're right, we are grossly undervalued. There have been a number of analysts who have done the sum of the parts exercises, and each time they do it shows how undervalued we are. Happy to talk to everybody. We got a big group on here today. Please find a time to speak with us. I agree, Mike. That is all the time we have. I would like to remind everyone that additional information on Superior Group of Companies may be found on channelchek.com. All of my research is available there. Thank you, Michael and Michael, for your time today. Thanks. Thank you. All right. Thank you.