Financial Data and Key Metrics Changes - In Q4 2025, revenue was $543 million, an 18% increase year-over-year, driven by acquisitions [24] - Full-year revenue grew 52% compared to the previous year, with approximately 2% organic growth [25] - Adjusted EBITDA for the full year was $447 million, with a margin increase of approximately 530 basis points year-over-year [26] Business Line Data and Key Metrics Changes - Financial Services revenue for Q4 was $439 million, up 23% year-over-year, with full-year revenue at $2.3 billion, a 70% increase [28] - Benefits and Insurance (BNI) revenue for 2025 was $410 million, representing 2% growth year-over-year, primarily driven by employee benefits and payroll services [30] Market Data and Key Metrics Changes - The company noted a soft market condition in the first half of 2025, impacting revenue growth, but saw improving sentiment in the second half [6][22] - More than 70% of revenue is recurring, providing resilience across economic cycles [22] Company Strategy and Development Direction - The strategic focus for 2026 and beyond includes attracting top talent, enhancing brand visibility, and deepening industry specialization [9][12] - The company aims to leverage AI and automation to improve efficiency and client service, viewing AI as an extension of existing automation initiatives [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving market conditions and client sentiment heading into 2026, expecting increased project-based work [21][45] - The company anticipates organic revenue growth of 2%-5% for 2026, with a focus on maintaining strong client relationships and expanding service offerings [32][38] Other Important Information - The company repurchased approximately 2.4 million shares for $160 million in 2025 and plans to continue share repurchases [27] - Free cash flow for the full year increased to $176 million, with a conversion rate of approximately 40% from Adjusted EBITDA [28] Q&A Session Summary Question: Impact of soft market conditions on revenue growth - Management noted that soft market conditions in the first half of 2025 affected revenue, but sentiment improved later in the year, leading to increased advisory work [41][45] Question: Role of AI in the business - Management indicated that AI will augment existing services, making processes more efficient, but the trusted advisor role remains critical [46][51] Question: Pricing expectations for 2026 - Management confirmed that pricing is expected to remain in the mid-single-digit range for 2026, consistent with 2025 [56][60] Question: Performance of SEC capital markets - Management acknowledged that SEC capital markets work was softer in 2025 due to market conditions but expressed optimism for improvement in 2026 [65][67] Question: Growth expectations for different business segments - Management highlighted that core accounting and tax services are more stable, while advisory services are more susceptible to market conditions [75][76]