Good afternoon. Thank you for attending today's NRC Fourth Quarter 2025 Results. My name is Victoria, and I'll be your moderator today. I would now like to pass the conference over to Jordan Freeman. Thank you. You may proceed Jordan.

Welcome to NRC Health Earnings Conference Call for the Fourth Quarter ended December 31, 2025. I wanted to first let you know that we posted our earnings press release to the Investor Relations section on our website. On the call today, we have NRC Health's CEO, Trent Green and CFO, Shane Harrison. Before getting started, I'd like to emphasize that this call will include statements related to the expected future results of our company, which are, therefore, forward-looking statements. Our actual results may differ materially from our expectations due to a number of risks and uncertainties, including those described in our earnings release and other SEC filings. Today's remarks will also be references to non-GAAP financial measures. Additional information, including definitions and reconciliations between non-GAAP financial information and GAAP financial information is provided in the corresponding earnings press release, which is posted on NRC's Investor Relations website. A replay of this call will also be posted to the same website. With that, let me turn our call over to our CEO, Trent Green.

Good afternoon, everyone, and thank you for joining us for NRC Health's Fourth Quarter and Full Year 2025 Earnings Call. Today, we'll review our fourth quarter and full year results, highlight the progress we're seeing across the organization and outline our strategic priorities as we head into 2026. Starting with the fourth quarter. We delivered another strong period of execution, driven by deep engagement and alignment across our teams. Revenue for the quarter was $35 million, and adjusted EBITDA totaled $9 million. Importantly, total recurring contract value or TRCV, reached $144 million, up 8% year-over-year and marking our fifth consecutive quarter of sequential TRCV growth. With 99% of our revenue recurring, TRCV continues to be a reliable and predictable indicator of the revenue we expect to recognize over the next 12 months. This sustained momentum underscores the effectiveness of our go-to-market strategy and the strength of our value proposition as health care providers navigate an increasingly complex operating environment. Let me unpack what's driving this TRCV growth. At a high level, it reflects strong execution across our sales, customer success and product teams. First, our sales team reorganization and refined coverage model are clearly delivering results. Full year new sales increased 86% year-over-year, driven by a selling approach that more closely mirrors how health care systems are structured and how decisions are made. This realignment has enabled us to engage more effectively at multiple levels within customer organizations and drive larger, more strategic relationships. Second, our customer success teams have elevated the quality, depth and consistency of customer engagement. By strengthening relationships with key users and decision-makers we achieved the highest gross dollar retention rate we've seen in more than 7 years. Both new sales and retention have been further supported by continued investment in our product portfolio. Over the…

Thank you, Trent. Today, I'll walk through our Q4 and full year 2025 results, then I'd like to touch on how our financial profile is distinctive as well as our strategy around capital allocation. Starting with the fourth quarter. Revenue was $35.2 million, down 5% year-over-year, but up 2% sequentially from Q3. The unusually heavy TRCV attrition we experienced in Q3 2024 continued to recognize revenue through Q4 of 2024, creating a difficult comparison for Q4 2025. Even against that headwind, our sequential revenue growth highlights the improving momentum in the business. TRCV reached $144.1 million, which was up 8% year-over-year and 2% sequentially. This was our fifth consecutive quarter of sequential TRCV growth and reflects the strong execution across our sales and customer success teams. Fourth quarter adjusted EBITDA was $8.7 million. As mentioned on the Q3 call, our Q4 operating expenses came in higher than the prior year due to the timing of our annual customer conference, the Human Understanding Beyond or HUB Conference, which we held in Q4 this year versus Q3 last year. Adjusted net income for the quarter was $3.4 million and adjusted EPS was $0.16 per share. Additionally, during the quarter, we paid a quarterly dividend of $0.12 per share, consistent with our commitment to returning capital to shareholders. Now turning to the full year picture. Revenue for 2025 was $137.4 million, down 4% from 2024. This decline was expected given our TRCV performance in 2024, where we saw elevated attrition in the second half of that year. However, with the TRCV growth of 8% in 2025, we are confident that revenue growth will follow in 2026. Adjusted EBITDA for full year 2025 was $40.2 million, representing a 29% margin. We held our margin profile even as revenue declined, underscoring our ability to fund…

Thank you, Shane. I want to emphasize one key point. NRC Health is uniquely positioned to thrive in the evolving health care landscape. Our mission to turn Human Understanding into meaningful, measurable action resonates deeply with health care leaders, navigating unprecedented complexity. The momentum we've built in customer growth, retention, team building and financial execution gives me tremendous confidence in our ability to create lasting value. I'm grateful to our incredible team of associates, our loyal customers and our supportive investors for the trust you place in NRC Health. As a reminder, if you have questions or want to engage further, please contact us at the e-mail address ir@nrchealth.com.

That concludes today's call. Thank you for your participation, and have a wonderful rest of your day.