Good day, everyone, and welcome to the Live Ventures Fiscal Year 2025 Conference Call. [Operator Instructions] Now I'll turn the call over to Greg Powell, Director of Investor Relations. Please go ahead, Greg.

Thank you, Elvis. Good afternoon, and welcome to the Live Ventures Fiscal Year 2025 Conference Call. Joining us this afternoon are Jon Isaac, our Chief Executive Officer and President; and David Verret, our Chief Financial Officer. Some of the statements we are making today are forward-looking and are based on our best views of our businesses as we see them today. The actual results could differ materially due to a number of factors, including those outlined in our latest Forms 10-K and 10-Q as filed with the Securities and Exchange Commission. We have no obligation to publicly update any forward-looking statements after this call, whether as a result of new information, future events, changes in assumptions or otherwise. You can find a copy of our press release referenced on this call in the Investor Relations section of the Live Ventures website. I direct you to our website, liveventures.com or sec.gov for our historical SEC filings. I'll now turn the call over to David to walk us through our financial performance.

Thank you, Greg. Good afternoon, everyone. Before discussing our financial results, I'd like to touch on a few key highlights from the year. We are pleased to report that our portfolio companies have spent the past year strengthening operating disciplines and optimizing their cost structures. Fiscal year 2025 marked a significant turnaround for Live Ventures. Decisive actions, including hiring a new executive team at Flooring Liquidators, implementing strategic pricing initiatives as well as targeted cost reduction measures drove our progress despite a mixed economy. These efforts contributed to a $10.2 million or 231.7% increase in operating income compared to the prior year when excluding the $18.1 million goodwill impairment recorded in fiscal year 2024. Additionally, we reported adjusted EBITDA of $33.4 million, an $8.9 million or 36.3% increase compared to fiscal year 2024. This strong performance came despite continued softness in the new home construction and home refurbishment markets, which continue to weigh on our Retail-Flooring and Flooring Manufacturing segments. Let's now discuss the financial results for the fiscal year ended September 30, 2025. Total revenue decreased approximately $27.9 million or 5.9% to approximately $444.9 million for the year ended September 30, 2025, compared to revenue of approximately $472.8 million in the prior year. The decrease is attributable to the Retail-Flooring, Flooring Manufacturing and Steel Manufacturing segments, which decreased by approximately $33.3 million in the aggregate, partially offset by an increase of approximately $6.5 million in the Retail-Entertainment segment. Although revenues declined in fiscal year 2025, we are pleased to report that fourth quarter showed year-over-year improvement with the fourth quarter of 2025 generating higher revenues than the fourth quarter of 2024. Retail-Entertainment segment revenue for fiscal year 2025 was approximately $77.5 million, an increase of $6.5 million or 9.1% compared to the prior year. The revenue growth was driven…

[Operator Instructions] Our first question today comes from Joseph Kowalsky of JD Financial Planners.

With regard to the shares that are repurchased, have you ever reissued shares either in conjunction with buying a company or otherwise? Or do you have some sort of a collar or price where you'd say this is a good price to buy shares, either PE or PEG or something like that. This is a good price to buy shares. This is a good place to issue shares? Do you do it strategically like that? That's my first question. My second question is with regard to debt. Do you intend to pay down the debt entirely? Is there a certain debt level that you think might be reasonable to keep for the longer term? I don't know based on the interest rates, if it would make sense, but that's my second question. And then my third question is, have the interest rate reductions benefited the company in any way? And I thank you very much. And I'll be quiet now.

Okay. So the first question is about issuance of shares. We may from time to time, we have in the past at least issued some shares in connection with acquisitions to help from a financing standpoint. And so I think it's going to be depending on kind of where we feel like the market is representative to our value of the company and whether that makes sense or not. We do kind of monitor kind of where our purchase levels are as far as what price we will execute the repurchase program. And it's somewhat fluid as we monitor again, kind of where the markets are relative to our price and our valuation.

And by the way, I'm sorry to interrupt, I said I'll be quiet, but I think your purchase -- average purchase price was excellent either way.

Yes. Yes, yes. And so -- and it can be fluid depending again on how the markets are and our valuation. So -- but we also see that it is a tool in a form of consideration that can be given in future acquisitions. So it's something that we evaluate as we're going through the acquisition process on cash, borrowing and stock. Those are kind of our levers. With regards to the paydown of debt, yes, we're very excited about lowering our debt levels and we will continue to pay down that debt. There will be a point where once the debt gets to kind of a little more moderate level that we can evaluate where our money can be spent and provide the highest return for our shareholders, whether that is continuing to pay down debt or using that money in acquisitions and so forth. So again, that's going to be something that we'll evaluate as we go. But over this last year, one of the things that we focused on was really getting that debt level down. And with regards to interest rates, we're excited. There's been, I guess, 3 rate cuts over the course of this year. So that will certainly improve or help us on our interest expense going forward. And also, there's the big beautiful bill, which I believe has also some relief on the interest rate deductions that you can take versus where we are today. So I think we see some positive things in nature of that even in the future. But yes, it has benefited us. And I think actually, the interest rates will also benefit us even more when that kind of trickles down into the housing market and really stimulate the housing sales and purchases as well as flooring remodels and things like that.

[Operator Instructions] We have no further questions at this time. Greg, I'll turn the program back over to you for any additional or closing comments.

Okay. I just want to thank everyone for joining us today. We were really proud of the year, and we look forward to delivering more results in the upcoming year. Thank you for joining us.

Thank you.

That concludes our meeting today. You may now disconnect.