Financial Data and Key Metrics Changes - Q4 gross originations grew 11.3% year over year to $75.2 million, with a two-year stack growth of 25.7% [37] - Q4 revenue increased by 9.4% to $63 million, marking the seventh consecutive quarter of year-over-year growth [41] - Full year 2024 gross profit was approximately $45.8 million, up about 10% compared to 2023, with a gross margin of 18.5% [43][44] Business Line Data and Key Metrics Changes - For Q4, gross originations from the top 25 merchants grew 10%, while excluding home furnishings and mattress categories, gross originations grew over 50% year over year [40][38] - Approximately 68% of total gross originations in 2024 came from direct and waterfall merchants [27] Market Data and Key Metrics Changes - Approximately $127 million of gross originations in 2024 began in the Catapult app, with K Pay enabling nearly $77 million of those originations [12] - Total app originations grew by 32% year over year in Q4, with K Pay originations up approximately 52% year over year [18] Company Strategy and Development Direction - The company has transformed from a single input-driven business to a multi-dimensional growth engine, focusing on consumer and merchant engagement [7][16] - Plans for 2025 include driving additional top-of-funnel activity, enhancing consumer engagement, and improving unit economics [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth despite a challenging macro environment, particularly in the home furnishings and mattress category [51][52] - The company anticipates gross originations growth of at least 20% and revenue growth of at least 20% for 2025 [53] Other Important Information - The company reported a Q4 adjusted EBITDA loss of $1.1 million, which was below expectations due to strong top-line growth and lease depreciation costs [47] - As of December 31, 2024, total cash and cash equivalents were $16.6 million, with $82.8 million in outstanding debt on the revolving credit facility [49] Q&A Session Summary Question: Outlook for margin in 2025 - Management expects gross profit to remain in the 18% to 20% range for 2025, consistent with previous years [56] Question: Changes in consumer behavior due to tariffs - Management has not observed significant changes in consumer behavior related to tariffs, with delinquencies remaining stable [58][59] Question: Drivers for improved EBITDA margin - The improvement in EBITDA margin is primarily due to diligent expense management and investments in technology and marketing [67] Question: Growth in Wayfair originations - Wayfair's gross origination growth continues to be down, but the business outside of Wayfair remains strong, growing at 50% [68][69] Question: Merchant acquisition in uncertain macro environments - Management believes that uncertainty can accelerate merchant acquisition as they seek growth opportunities [74][75]