Operator

Greetings. Welcome to the Cengage Group's Fourth Quarter and Full Year 2026 Year-End Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Ed Ditmire, SVP, Investor Relations. You may begin.

Edward Ditmire

Thank you, operator. Good morning to everyone connected today, and welcome to Cengage's Fiscal 2026 Fourth Quarter and Fiscal Full Year 2026 Investor Update. Joining me on the call are Michael Hansen, Chief Executive Officer; and Dean Tilsley, Chief Financial Officer. A copy of the slide presentation for today's call has been posted to the company's website at cengagegroup.com/investors.

The following discussion and the earnings materials contain forward-looking statements about the company. Forward-looking statements relate to the future and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These statements are based on our current expectations and are subject to the cautionary statement in our accompanying investor presentation and our financial reports.

The company disclaims any obligation to update any forward-looking statements, except as required by law. On today's call and in our investor presentation, we will refer to certain non-GAAP financial measures, definitions and the rationale for using these measures and reconciliations to their most directly comparable GAAP financial measures are provided in the legal disclaimer in the appendix to the investor presentation. Michael will first share a high-level overview of company performance and a review of our progress on key strategic priorities, followed by Dean, who will take you through the financial performance in detail. We