Adjusted EBITDA went from $9.4M in FY24 to $119.4M in FY25 on ~9% revenue growth to $912M and 440bps gross margin expansion to 27.9%. The turnaround is real and inflecting, but it lives in the adjusted lines — we're still a GAAP net loss, held down by ~$33M/year revolver interest and heavy amortization. GAAP profitability and clean run-rate FCF remain the open items. Not done.