Thank you Barry and good evening everyone. As Barry noted in his opening, we were very pleased with our strong 2025 progress, including our better than anticipated free cash flow conversion and resulting delevering pace expansion of comparable adjusted EBITDA and EPS growth rates, lowered overall operating expense and reduced restructuring related spending during the year clearly highlight our progress. Our strong momentum toward key Investor Day outcomes is clearly embedded within our 2026 guidance ranges which I'm pleased to be able to share this evening. Our 2025 results also demonstrate continued improvement in the health of our balance sheet. We're pleased with our recently upgraded credit standing across key capital markets and our strengthened quality of earnings as we execute our clear strategy. I'll begin by reviewing some of the consolidated highlights for the year before moving on to operating segment results and our 2026 guidance ranges. For the full year we posted total revenue of $2.133 billion, increasing 0.5% versus 2024 reported results while expanding by 1.1% year over year. On a comparable adjusted basis, we reported full year GAAP net income of $85.3 million or $1.87 per share for the year, improving from $52.9 million or $1.18 per share in 2024. This increase was driven by overall revenue growth, improved operating margins and lower restructuring spend. During 2025 full year comparable adjusted EBITDA was $431.5 million, improving $25 million or 6.2% from the prior year results. Adjusted EBITDA margins were 20.2%, expanding by 90 basis points from the 2024 levels. Full year comparable adjusted EPS came in at $3.67, improving 12.6% from $3.26 in 2024. This improvement was primarily driven by expanded operating profits along with slightly lower interest expenses. Now turning to our operating segment details beginning with merchant services for the full year, merchant segment revenue finished at $398.6 million, growing by 3.8% versus 2024 results. We were pleased with this full year growth trajectory which expanded sequentially across each quarter as Barry noted, to reach our Mid Single Digit 4th Quarter Exit Growth rate consistent with our longer term outlook for this business segment. Adjusted EBITDA finished 2025 at $85.9 million, expanding by 9.4% on the improving revenue trajectory and operating cost efficiencies realized versus the prior year. Margins finished at 21.6% expanding by 120 basis points versus full year 2024 levels. Merchant revenue for the fourth quarter finished at $101.5 million which reflected growth of 6.3% versus Q4 of 2024 inclusive of our sequentially improving growth trend across the quarters. Merchant fourth quarter adjusted EBITDA finished at $22.3 million or 22% of revenue, expanding by 80 basis points versus Q4 of 2024. Margin improvement was driven via the improved revenue growth rate, continuing cost discipline and overall channel mix dynamics across the quarter. Our guidance ranges for 2026 reflect the expectation for growth of merchant segment revenue in the mid single digit range with continued expansion of margin opportunities across the portfolio. As I'll discuss in greater detail in a bit, we remain confident in our ability to drive growth across merchant based on our robust pipeline of new fi, ISV and ISO partners either currently signed or in queue for 2026 as well as additional merchant adds across our direct go to market channels. We have also assumed fairly stable ongoing macroeconomic conditions and related discretionary consumer spending levels across our broader guidance ranges, shifting to results within B2B payments segment. B2B revenue finished the year at $290.5 million reflecting growth of 0.9% versus the prior year. This overall growth rate aligned to our in year expectations and reflected sequential improvement of B2B revenue dollars during each quarter of the year driving an improved fourth quarter revenue exit trajectory. 2025 adjusted EBITDA for B2B came in at $64.4 million reflecting an overall 22.2% margin. This represented a strong 12.8% expansion of adjusted EBITDA from the prior year. Results EBITDA growth was driven via continued efficiencies realized across our operational footprint and ongoing migration of the B2B business model toward expansion of our more recurring revenue offerings. This margin rate was aligned to our expectation reflecting expansion from the high teens toward low to mid-20s profile consistent with our investor day multi year outlook for the segment. For the fourth quarter, B2B revenues were $76.3 million expanding by 4.5% versus the prior year. Q4 adjusted EBITDA finished at $18.7 million reflecting a strong 24.5% rate in line with the improving fourth quarter revenue growth Trajectory for the segment Adjusted EBITDA for the quarter improved by 29% versus the fourth quarter of 2024. Unstable lockbox processing operations and improving segment revenue mix within the specific fourth quarter prior year comparison. Within our 2026 guidance ranges, we anticipate B2B revenues maintaining an overall low single digit growth profile as the segment continues to transition toward increasingly digital solutions. Our outlook also includes the continued rollout of our DPN capabilities within B2B supported by the small acquisition we executed during the third quarter. Our 2026 full year outlook for the segment continues to incorporate adjusted EBITDA margins in the low to mid-20s range consistent with my prior comments and the rate reflected within our 2025 results results moving now to the strong 2025 growth results within the data segment. Overall, as Barry noted, the data driven marketing business saw standout growth across each quarter of the year as full year revenue finished at $307.3 million reflecting 31.3% growth versus 2024. This trajectory continued to demonstrate our success partnering with an expanded customer base to deploy our increasingly compelling set of marketing capabilities. As we discussed throughout the year, data growth was also accompanied by strong margin expansion during 2025 inclusive of certain volume related vendor rebates executed as part of our broader North Star program. As we specifically discussed last quarter overall data adjusted EBITDA finished at $86.4 million reflecting a 28.1% margin rate expanding 42.8% versus the prior year result. Fourth quarter data revenue finished at $73 million reflecting the anticipated sequential step down from Q3 on normal course seasonality trends within the segment. Despite this year over year revenue growth remained very strong expanding 30.6% from the prior year. Fourth quarter results on continuing robust campaign demand during the period Q4 adjusted EBITDA finished at $17.3 million expanding just over 40% year over year. On the drivers noted within my full year commentary, the Q4 margin rate finished at 23.7% returning toward our signaled longer term low to mid 20s expectation range for the data segment. Our full year 2026 guidance ranges incorporate a sustaining mid to high single digit segment revenue growth rate. Going forward, we remain confident in the growth trajectory of our data offerings even as we begin to lap the raised prior year comparable results seen across the 2025 periods. Our adjusted EBITDA guidance incorporates data margins sustaining in the low to mid-20s margin profile consistent with our prior quarter commentary and the outlook communicated within our multi year investor day trajectory Shifting finally to our print business. The segment finished 2025 with $1.14 billion in annual revenue reflecting an overall decline of 5.7% versus prior year levels consistent with our overall low to mid single digit secular decline trajectory expectation. As Barry mentioned, legacy check continue to perform well and consistent with our forecast with revenue declining by 1.8% versus 2024 accompanying the check trajectory, printed forms and other business products declined at 6.5% year over year rate. On a combined basis, these two core areas blended to an overall 3% rate of year over year decline in line with our longer term trajectory expectation for the segment. Full year revenue trajectory across other promotional product solutions reflecting some demand headwinds we discussed over the prior 2/4 declined 15.3% year over year while remaining concentrated toward generally lower margin non core product offerings. Overall adjusted EBITDA for print finished the year at $366.9 million. The 2.6% rate of adjusted EBITDA decline seen within print aligned favorably to the blended rate of revenue decline for the more core print product focus areas. This drove an overall print margin rate of 32.3% remaining consistent with our longer term low 30s margin outlook for the segment. Despite some shorter cycle demand headwinds to the top line, we expanded the overall print margin rate by a full 100 basis points across the full year 2025 results. Fourth quarter print revenues were $284.5 million declining 3.8% versus Q4 of 2024 as detailed further within the revenue breakdown by product category slide in our materials on a blended basis, the trajectory across more core products reflected a 1.5% decline rate while other promotional solutions rate improved sequentially but remained outsized to our longer term revenue decline expectations. Q4 adjusted EBITDA for print remained strong finishing $92.2 million. This reflected a 32.4% margin rate for the segment expanding year over year by 50 basis points. While remaining consistent with our longer term outlook rate expectations. Our overall 2026 guidance ranges continue to reflect our confidence towards a predictable year over year trend for secular declines across print, driving an overall revenue trajectory in the low to mid single digit decline range. We remain confident in our ability to sustain margin levels across print, continuing to target an overall margin rate in the blended low 30s range over the guidance horizon. Turning now to our balance sheet and better than anticipated 2025 cash flow results, we ended the year with a net debt level of $1.39 billion down 76.2 million from $1.47 billion last year consistent with our ongoing commitment to debt reduction as a top capital allocation priority for the enterprise. As Barry highlighted, our net debt to adjusted EBITDA ratio was 3.2 times at the end of the year, improving further versus our 3.6 times ratio a year ago. As we've noted, this is ahead of the pacing we previously signaled toward our longer term strategic target of three times or lower leverage. Free cash flow defined as cash provided by operating activities. Less Capital expenditures was $175.3 million up from $100 million in 2024 driven by lower in year cash restructuring spend, improved year over year adjusted EBITDA results, continuing core working capital efficiency and lower cash taxes. We remain particularly pleased with the accelerated achievement of our targeted free cash flow expansion and the ability to continue reducing our net debt consistent with our clear balance sheet optimization priorities. During the fourth quarter, we deployed $36 million of cash for investing activities relating to the purchase of residual commission rights for one of our largest ISO partners within the merchant services segment. This investment is not expected to materially impact segment revenues during 2026 as related volumes have consistently been processed via deluxe merchant services. We would however expect the fold in of ongoing residual commissions to improve segment margins by as much as 200 to 300 basis point. This impact migrates our margin guidance for the segment toward the upper end of our low to mid twenties rate outlook band. Finally, supported by our strong cash flows and overall 2025 results, our overall balance sheet remains well positioned and reflects our ongoing strong liquidity over the course of the year. Our improving capital structure drove two S&P upgrades, the most recent in late in November and Fitch also moved our outlook to a positive watch position. All our material debt maturities remain aligned to our 2029 capital structure following our late 2024 refinancing activity. Our flexibility toward potential future portfolio optimization or other opportunistic investments continues to improve as we approach our targeted longer term balance sheet ratios. Before turning to the details of our 2026 outlook, consistent with the remaining plank of our capital allocation priorities, the Board approved a regular quarterly dividend of $0.30 per share on all outstanding shares. The dividend will be payable on February 23, 2026 to all shareholders of record as of market closing on February 9, 2026. With that, I'm pleased to now share our overall guidance ranges for 2026. Our ranges for the full year are AS revenue of 2.11 to $2.175 billion reflecting negative 1 to positive 2% Comparable adjusted growth versus 2025 Adjusted EBITDA of 445 to $470 million reflecting between 3% and 9% Comparable adjusted growth Adjusted EPS of $3.90 to $4.30 reflecting between 6 to 17% Comparable adjusted growth and free cash flow of approximately $200 million reflecting 14% growth versus our 2025 results and to recap my previous segment assumptions, we anticipate the merchant segment to grow revenue in the mid single digit range year over year. B2B growth is expected to expand at low single digit levels. Data will maintain strong mid to high single digit revenue growth rates as we lap increased baseline comparables across 2020 6/4 and print will continue to reflect low to mid single digit secular decline rates. Margins for merchant are expected to reach a mid 20s profile while B2B will remain in the low to mid 20s consistent with 2025. As data also returns to our longer term low to mid-20s profile expectation and print margins will remain roughly flat in the low 30s range. Lastly, we'd expect significant efficiencies across our corporate operations and spending in line with our multi year commitments and conclusion of North Star Plan objectives. Finally, to assist with your modeling, our guidance assumes the interest expense of approximately $110 million, an adjusted tax rate of 26%, depreciation amortization of approximately $135 million, of which acquisition amortization is approximately $45 million, an average outstanding share count of approximately 46.5 million shares, and capital expenditures between 90 and $100 million. This guidance remains subject to, among other things, prevailing macroeconomic conditions as noted previously, including interest rates, labor supply issues, inflation and the impact of divestitures. To summarize, our solid 2025 execution and strong momentum put us on a strong trajectory heading into 2026. Our guidance for the year shows the significant progress we have made toward our investor day commitments of just over two years ago. 2026 is a year where the results of our hard work deliver major advances towards all three of our critical strategic priorities. Payments and data revenues are expected to reach parity with the legacy print side of the business, putting us on a more sustainable long term growth trajectory. Our earnings expansion is expected to continue once again outpacing revenue growth as we drive efficiencies and improvements to our cost structure and our significant free cash flow generation will allow us to achieve our sub 3 times leverage target in the first half of the year year. Each of these expectations are consistent with our clear ongoing value creation formula and we remain confident in our overall progress against our focused Capital Allocation Priorities Operator. We are now ready to take questions.

You made note about the use of AI enabled Hey, how are you? You made note about the use of AI enabled tools supporting the data segment and developments and payments around embedded solutions such as Deluxe Fast Funds. As the largest financial players increasingly discuss investment in augmented commerce and the impacts of AI across industries, how would you say Deluxe is positioned to respond to or to take advantage of some of these trends? So will appreciate the question. I would tell you that we're very proud and believe that Deluxe is very well positioned. We are a company that actually has applied AI technology in multiple places across our business. We're not experimenting with it. We have gone live and it's delivering improved performance. So as I mentioned in my prepared remarks, it is a part of how we're winning with our data driven marketing business. As I said in my remarks, we built what we believe is one of the largest consumer and small business data lakes and we pair that with great talent but also great tools that are Gen AI based that gets smarter with every campaign that we run and if you compare our results and our the number of at-bats we have, we do thousands of campaigns a year and any individual bank might do, a large bank might do hundreds. So not only do we have more at-bats, but given the nature of Gen AI, we also have the opportunity for some exponential increase in our capabilities and success from a campaign performance perspective and you can see that in our revenue performance. You know we grew 30% in the full year and that is a direct result of having great tools, great technology, great customer support and being able to move quickly to help an institution solve its problems around growth, customer acquisition or however we can apply that data to help them be successful.

Just to follow up, given the release of your updated outlook, how are you feeling about macroeconomic or other risks potentially impacting your, your growth segments in particular and what factors could drive upside to the higher end of the outlook provided? Sure, I'll start to give you some there and then Chip can jump in too. But on previous calls, during the whole last year we'd been talking a bit about macroeconomic uncertainty. But we'll tell you what we've seen in the sort of the back half of the year and through Q4 and even into the start of this year, we're seeing what we would consider just more traditional patterns of consumer behavior. Now the shift has still happened between discretionary and less discretionary categories that we saw earlier in the year. But that shift seems to have stabilized. And so we believe that that gives us a good, you know, gives us good confidence as we look forward to this new year. We're optimistic that the consumer is going to stay healthy and that that will help not just our merchant business, but our businesses overall that tend to track pretty very well with the economy overall.

I guess two points I'd make. First of all, we're just fundamentally in a different place coming out of 2025 and going into 2026 than we were a year ago. If you look at the execution and the performance across all four segments just from a year ago, everything's in a different place in terms of momentum and how we're performing. I think the other thing I'd call your attention to is just the data segment in particular. Obviously that was a business that experienced extraordinary demand last year and obviously at times outperformed even our expectations. But what we know is we're going to face some challenging comparisons in the back half of the year. And I'll just remind you this is a campaign oriented business and because of that, the nature of it is we have better visibility to the next one to two quarters than we necessarily do the third or fourth way out. So as we think about the momentum of the business, that puts us on a path to see some solid growth continue. For data for the first half of the year, not as strong as what you just saw, but we would expect data to continue a nice double digit growth rate in the first half of the year. And then obviously once we come up against those comps in the second half, things will more normalize getting to that overall guidance range. So I think to overall answer we can drift up throughout the year it's going to be getting more visibility to the pipeline, continuing the momentum across all the segments, and just continuing to execute the way we have over the last four straight quarters or so. Thank you.

Sure. So let me just reiterate that we think there are three big strategic planks of what we're continuing to drive in this business. The first one is to shift the mix towards our payments and data business. You heard us say that we added 400 basis points of revenue to our mix there, going from 43 to 47. And we think that we get to parity as the year unfolds. And Kartik is following our story for a while. You know why that's so important? Because it puts a bigger percentage of our revenue every day on growth segments to make it easier to offset the secular declines on the print side of the business. And as we continue to grow the payments and data business, it gets easier and easier for us to accelerate our overall growth rate. The second area is driving efficiency in everything we do. Coming out of the work we did on the Northstar project that has now moved to business as usual, we have built a good amount of muscle in operating the business even more efficiently than ever. And the third, of course, is to generate cash flow through ebitda, etc., to lower our debt, net debt, and our leverage ratio. So those are the big three things that we're working on as a company. And each one of the businesses, there are specific strategic things they're trying to achieve. Everything from building the ISV channel more strongly in the merchant business to accelerating the software side of the B2B business. And working on the margin in the data business, of course, continuing the phenomenal trajectory they're on. And in the print businesses, holding onto those fantastic margins, renewing customers, and continuing the healthy cash generation of that business. So all those things work together to deliver what we think is going to be another very nice year in 2026, consistent with our ability to execute that. Hopefully we highlighted in our prepared remarks.

Sure. So Kartik, I think we talked on the last call about the fact that we have really been working on putting more muscle into our ISV distribution channel. We have a newish leader there now that is helping us build a very nice and robust pipeline. We've also paired that with responsible investments in improving our API suite, working on our reporting tools and other features and functionality that we think will make our program even more appealing to ISVs. And I think you should expect to hear from us about more about the ISV channel and hopefully, knock on wood, some wins that we can share with you as the year unfolds. But we're very optimistic that we have the right service model and as well as the right feature set. And now with the right leadership driving distribution, we think we've got a real opportunity there. Perfect.

So first of all, thanks for all the detail that's already been provided and certainly quite a bit has been accomplished. I was wondering if you talk a little bit about maybe some of the opportunities that you see before you. And specifically I was thinking about some of the maybe build versus buy kind of decisions as far as investments we had the check match I believe was over the summer last year. Maybe you could talk a little bit about the capabilities that you're looking to continue to enhance and possibly maybe your appetite for a build versus buy kind of decision around those lines.

Sure. Let me just start with the point that we believe we're very fiscally responsible and good stewards of shareholder capital. And as you've seen us continue to help this business perform, paying down debt, improving our leverage ratio, we did make two small acquisitions, the one that you mentioned with Check Match, which helps our B2B business, and then bought the residuals from an ISO or an independent sales organization that was on the merchant business. Both of those we believe will deliver nicely for us, that they're logical tuck ins that will help deliver improved performance, particularly around profitability over time. We also have a pretty great track record mark, of being able to deliver capabilities ourselves to help the business grow. So for example, we were one of the first, companies in the merchant processing space to get approval and certification from Apple for a program they call Tap on Glass that allows two different phones to pay each other. You just saw us announce an integration with Visa into our product Deluxe FastPay. You've heard us talk about our investment in building the database and the AI tools that have led to and created the opportunity for this massive growth in our data driven marketing business. And even in our check business, we've been very responsible and making responsible investments to secure the margin profile of our check business for the intermediate to long term. So we think about these things all the time and finding a balance between building things ourself, which hopefully has the highest or highest rate of return for shareholders. But when we see opportunities like we saw with the two things that we've talked about, as long as they're responsible and they meet our high hurdles, we're going to move forward with those because they are accretive to the company and help us succeed.

Yeah, and Mark, it's Chip. I'll just add a couple more comments. So first of all, you saw us guide 90 to $100 million worth of capex spend. We've been spending at that level pretty consistently the last few years and as Barry said, we feel like we're good stewards of shareholder capital. So think of that as the right balance of investments that the business needs to drive efficiencies, remain competitive and invest in new growth opportunities to attack the market and win obviously in the competition. So embedded in our guidance as an organic continued investment in the business and the second point to Barry's comment, we are continuing to stay very clear on our existing capital allocation priorities. So as we watch the generation of free cash flow and as that has been expanding and getting better and more improving north of 40% last year, in fact, we're able to look at that and the direct impact it has to our leverage ratio and the trajectory we're on and we're able to balance various levers which gives us a chance to be opportunistic as Barry said. Again, if it's the right opportunity with the right returns. So I think the way he described our fiscal responsibility is exactly how I would think about it and it's how we've said we would prioritize capital allocation from the get go, be able to invest internally for organic adds while also continuing to delever and improve the balance sheet which just gives us continued optionality as we go on. So I think all of those things are embedded in how you should think about how we think of this going forward. Great. Thank you very much for that. And then I guess maybe I want to sort of shift over to sort of the AI focus opportunities and maybe is there sort of an area where you see greater client receptivity? And by that I'm speaking of industry verticals or geography of that's more appropriate. Are there any particular areas that are sort of leading as far as acting on those opportunities through Deluxe that you're seeing currently? Thanks. Sure.

Appreciate the question. I really don't think about it as a geography or client type. I really think about how we are applying AI, which is to solve specific problems. And we've applied AI in virtually every part of our company's business in our B2B space. We're using it in our lockbox operation to improve matching rates very dramatically, taking out labor and cost for our customers. I've already talked about in our data business how we're applying AI tools to get better outcomes and better ROI for our customers. And our merchant business, we are using it specifically to drive our self service chatbot at a very, very human experience. We also use it in the B2B space for the similar chatbot and even on our deluxe.com website. So we are applying AI technology to solve customer problems and we've seen great receptivity and uptake on each one of those opportunities because they deliver and they fix a problem for a customer. It's not about technology for technology's sake. It's not about having a shiny new toy. It's actually about delivering value. And that's one of the things that this company does so well, is find opportunities to help a customer fix or solve a problem and then deliver for them. And AI is one more really big tool now in our toolkit and our toolbox to help solve those problems. And we're doing it across our full portfolio of products and solutions. Great.

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