Core Themes - The company is navigating a challenging operating environment while maintaining confidence in long-term market fundamentals, supported by a stable backlog and pipeline [1] - The financial profile is flexible, with solid cash generation that enhances business resilience [1] Financial Performance - For Q3 2025, total revenue was $219.3 million, a decrease of 4.7% from 2024 [1][13] - Adjusted EBITDA was $43.6 million, reflecting a 1.2% increase year-over-year, with an adjusted EBITDA margin of 19.9%, up approximately 120 basis points from the prior year [5][16] - Adjusted net income for the quarter was $22.6 million, up 1.3% compared to the previous year, with adjusted EPS of $0.16 [17] Sales Channels - The self-storage segment saw a revenue increase of 3.7%, driven by international growth, while the commercial and other sales channel decreased by 20.1%, primarily due to declines in the TMC business [6][14] - The TMC business accounted for approximately 70% of the revenue decline, influenced by project timing and weakness in the LTL trucking industry [6][14] Product Innovations - Adoption of the NOKE Smart Entry system increased by 35.9% year-over-year, with 439,000 units installed [8] - The company announced an expansion of its metal decking product line through the Betco brand, enhancing design flexibility for self-storage development [10] Capital Allocation and Share Repurchase - The company continued its share repurchase program, buying back approximately 82,000 shares for $800,000, with $80.5 million remaining under the share repurchase authorization [18][19] - The company is consistently evaluating M&A opportunities as a top capital allocation priority [12] 2025 Guidance - The company updated its 2025 revenue guidance to a range of $870 million to $880 million and adjusted EBITDA guidance to $164 million to $170 million, reflecting a margin of 19.1% at the midpoint [20][21] - The anticipated EBITDA margin is expected to decrease from original guidance due to geographic and product mix [21] Market Outlook - The self-storage industry remains resilient, with continued consolidation presenting growth opportunities for the R3 business [12] - The company is optimistic about long-term growth, supported by a strong pipeline and the ability to adapt to changing market conditions [12][39]