i3 Verticals, Inc.

November 25th. The number for the replay is 855-669-9658 and the code is 8288708. The replay may also be accessed for 30 days at the company's website. At this time for opening remarks, I would like to turn the call over to Clay Whitson, Chief Strategy Officer. Please go ahead, sir.

Good morning, and welcome to the fourth quarter 2025 conference call for I3 Verticals. Joining me on this call are Greg Daley, our Chairman and CEO, Rick Stanford, our President, Jeff Smith, our Chief Financial Officer, and Paul Christians, our Chief Revenue Officer. To the extent any non-GAAP financial measure is discussed in today's call, you will also find a reconciliation to the most directly comparable gap financial measure by reviewing yesterday's earnings release. It is the company's intent to provide non-gap financial information to enhance understanding of its consolidated gap financial information. This non-gap financial information should be considered by each individual in addition to, but not instead of, the gap financial statements. This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements among others regarding the company's expected financial and operating performance. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements. You are hereby cautioned that these forward-looking statements may be affected by the important factors, among others, set forth in the company's earnings release and in reports that are filed or furnished to the SEC. Consequently, actual operations and results may differ materially from those discussed in the forward-looking statements. Finally, the information shared on this call is valid as of today's date and the company undertakes no obligation to update it. except as may be required under applicable law. I will now turn the call over to the company's chairman and CEO, Greg Daly.

Thanks, Clay. And good morning to all of you on the call. At the end of 2025, it's worth reflecting on how much we've accomplished over the last two years. Divesting our merchant services and our healthcare revenue cycle management businesses have turned a new chapter in I3 Vertical's public sector. I3 provides transformational solutions in a range of government functions, including courts, public safety, public administration, utilities, transportation, and schools. We have streamlined our businesses and narrowed our investment to that end, and the returns are only beginning to accrue. In 2025, results show that our revenue growth was strong. In fiscal Q4, we grew 7% over a prior year tough comp. For the fiscal year, we grew at 11%, and 8% of that growth was organic. Our ability to grow our recurring revenue is the best predictor of our long-term growth prospects. To highlight that point, our ARR grew over 9% in Q4, outpacing revenues. Jeff will discuss further that we expect similar growth rates in ARR in 2026. While our revenue, while our non-revenue will likely take a step backwards. Last quarter we highlighted the importance of investing in new product and markets. We are excited that projects are underway in all of our markets. But our justice and utility investments continue to represent an outside portion of our investment. And we expect these to accelerate in 2026. We have conviction about our revenue opportunities attached to these costs. Many of the impacts will be manifest in the form of durable recurring revenue growth over the long term. We previously announced a win in the state of West Virginia is a perfect example. We look forward to a long partnership serving courts and citizens of West Virginia with our court management solution. Those who know our M&A history are probably surprised we have $85 million in cash on hand and no debt. We will continue to thoughtfully deploy our capital in ways that enhance our ability to bring great solutions to our customers. This includes internal development and M&A. I will now turn the call over to Jeff, and he will provide you more details on our financial performance. And when Rick is done, and then when he's finished, Rick will address M&A pipeline, and Paul will then discuss revenue.