Greetings, and welcome to the Surgery Partners, Inc. Q4 and full year 2025 earnings call. At this time, participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, David T. Doherty, Chief Financial Officer. Please go ahead.

Good morning, and welcome to the Surgery Partners, Inc. Q4 and full year 2025 earnings call. I am joined today by J. Eric Evans, our Chief Executive Officer. During this call, we will make forward-looking statements. There are risk factors that could cause future results to be materially different from these statements, as described in yesterday’s press release and the reports we file with the SEC, each of which are available on our corporate website. The company does not undertake any duty to update these forward-looking statements. In addition, we reference certain financial measures that are non-GAAP, which we believe can be useful in evaluating our performance. These measures are reconciled to the most applicable GAAP measure in yesterday’s press release. I will now turn the call over to J. Eric Evans.

Thank you, David. Good morning, and thank you all for joining us today. My initial comments will briefly highlight our consolidated fourth quarter and full year 2025 results. I will then provide additional color on the drivers of performance this quarter and on our initial outlook for 2026. First, let me provide highlights from our fourth quarter and full year results. We reported full year net revenue at the low end of expectations at $3.3 billion, up 6.2% year over year, with same-facility revenue growth of 4.9%. Full year adjusted EBITDA was $526 million, up 3.5% year over year but significantly below our expectations. Our adjusted EBITDA margin was 15.9%, reflecting 40 basis points of margin compression. These results tell a tale of two halves where momentum in the first half of the year gave way to significant headwinds in the second half, culminating in fourth quarter performance that fell short of our revised expectations. Before getting into the details, I want to level-set the scope of the challenges we experienced in the second half of the year. In our Q3 call, we lowered our guidance based on delayed net capital deployment as well as slower case growth and payer mix trends we experienced in Q3 and early Q4. While those trends continued in Q4, the impacts were isolated to our surgical hospitals and our earnings shortfall was concentrated in just three surgical hospital markets. These markets had a combination of softer-than-expected case growth, payer mix shifts, and anesthesia dynamics that created outsized pressure. The balance of our portfolio performed in line with expectations, and these issues were not systemic across the enterprise. I will address these headwinds in more detail shortly. However, I first want to emphasize that we are confident that our long-term structural growth remains intact, driven…