Guardian Pharmacy Services, Inc. Class A

Hello everyone. Thank you for joining us and welcome to Guardian Pharmacy's second quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. To withdraw your question, press star 1 again. I will now hand the call over to Ashley Stockton, Investor Relations. Please go ahead.

Good afternoon. Thank you for participating in today's conference call. This is Ashley Stockton, Vice President, Investor Relations for Guardian Pharmacy Services. I'm joined on today's call by Fred Burke, President and Chief Executive Officer, David Morris, Chief Operating Officer, and Will Mudd, Chief Financial Officer. After the close today, Guardian posted its financial results for the quarter ended June 30th, 2026. A copy of the press release is available on the company's investor relations website. Please note that today's discussion will include certain forward-looking statements that reflect our current assumptions and expectations, including those related to our future financial performance in industry and market conditions. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. We encourage you to review the information in today's press release and quarterly report on Form 10-Q, as well as the specific risk factors and uncertainties discussed in our annual report on Form 10-K. We do not undertake any duty to update any forward-looking statements which speak only as of the date they are made. On today's call, we also will use certain non-GAAP financial measures when discussing the company's financial performance and condition. You can find additional information on these non-GAAP measures and reconciliations to their most directly comparable GAAP financial measures in today's press release, which again is available on our Investor Relations website. And now I will turn it over to Fred for high-level commentary.

Thank you, Ashley, and good afternoon, everyone. We appreciate you joining us today to review Guardian's second quarter results. But before David and Will review the second quarter in detail, I would like to begin with some perspective on our performance through the first half of 2026 and our outlook for the remainder of the year. Guardian continues to execute well, supported by solid fundamentals across our local markets and meaningful progress against our strategic priorities, including continued geographic expansion. Through the first half of 2026, reported revenue grew 2%. absent the IRA pricing reductions, revenue would have increased low double digits, a clearer indication of the underlying growth of the business. Importantly, we have successfully mitigated the profitability impact of the changing reimbursement environment under the IRA through disciplined execution across the business, enabling us to generate adjusted EBITDA growth of 23% during the first half of 2026 compared with the first half of 2025. Based on our year-to-day performance and current expectations for the balance of the year, we are raising our full-year 2026 outlook. We now expect revenue of $1.43 billion to $1.45 billion in adjusted EBITDA of $129 million to $131 million. As we move through the remainder of the year, our priorities remain consistent, delivering outstanding service to the residents and communities we support, expanding our platform in attractive markets, investing in the clinical and operational capabilities that strengthen our value proposition, and maintaining the financial discipline that has long been a hallmark of our model. Supporting those priorities requires an organizational structure and leadership team capable of managing the scale of the business today while positioning for growth ahead. At the broader corporate level, in June, we took an important step in the evolution of our company with the appointment of David Morris as Chief Operating Officer. David assumed this role after serving as Guardian's Chief Financial Officer since inception. He has played a central role in building this company and has helped shape our strategy, financial discipline, and operating model. He knows our business, our pharmacy leaders, and our local markets extremely well. Moving into the broader COO role gives David the opportunity to apply his experience more directly to our operations and sales organizations. The new field operations leadership team we put in place earlier this year to help advance operational excellence now reports to David. He will discuss this new structure in greater detail. With David moving into the COO role, we are pleased to have appointed Will Mudd as Chief Financial Officer. Will joined Guardian in 2012 and has worked closely with David for more than a decade. During that time, he has taken on increasing responsibility across the organization and has played an important role in building and scaling the financial infrastructure that supported Guardian's growth and our transition to becoming a public company. His appointment is a natural progression and reflects our confidence in his ability to lead the finance organization through Guardian's next phase of growth. These transitions demonstrate the depth of talent we have developed within Guardian, the strength of our succession planning process and our commitment to creating opportunities for leaders to grow within the organization. Alongside these changes, Kendall Forbes, a co-founder and long-term business partner who played an important role in Guardian's development, has retired. We are grateful for his many contributions to Guardian over the years and wish him all the best in his next chapter. Lastly, I want to briefly address the upcoming conversion of the final tranche of our Class B common stock and the Class A common stock, which will occur in late September and represents approximately 13.5 million shares. Following that conversion, we expect between 35 to 37 million shares of Class A common stock will be held collectively by employees, members of management and directors, including shares they hold today. Nearly all those shares are subject to a closed window trading restriction until the next open trading window following our third quarter earnings release, which is currently expected in early to mid-November. The management and directors who hold the substantial majority of shares remain committed to taking a measured and prudent approach to liquidity over time. to ensure a structured and orderly process with minimal market disruption. With that, I will turn the call over to David, who will provide additional perspective on our operations.