Financial Data and Key Metrics Changes - For the full year of 2025, consolidated GMV grew 12.1%, supported by Four's triple-digit growth at approximately 144% [9] - Adjusted EBITDA from continuing operations for 2025 was $269 million, essentially flat compared to last year, and non-GAAP diluted EPS from continuing operations was $3.51, exceeding previous guidance [10][33] - Q4 consolidated revenues from continued operations declined 5.2% year-over-year to $574.6 million, reflecting a smaller leasing portfolio [32] Business Line Data and Key Metrics Changes - Progressive Leasing's Q4 GMV declined 10.6% year-over-year, primarily due to the impact of the Big Lots bankruptcy and intentional tightening actions [28] - Four Technologies delivered approximately $736 million of GMV in 2025, representing 144% growth year-over-year, and generated approximately $10 million of adjusted EBITDA [31] - MoneyApp approached break-even Adjusted EBITDA as it exited the year, reflecting improving standalone economics while driving incremental leasing volume [21] Market Data and Key Metrics Changes - E-commerce GMV reached an all-time high of approximately 30% of total Progressive Leasing GMV in Q4 2025, compared to 17% in 2024, indicating a shift towards digital engagement [14] - The company expects to begin 2026 with a smaller lease portfolio, down 9.4% year-over-year, which creates revenue headwinds [23] Company Strategy and Development Direction - The company is focused on a three-pillar strategy: grow, enhance, and expand, leveraging a multiproduct platform to drive growth and customer engagement [11][22] - The acquisition of Purchasing Power is expected to expand offerings into a differentiated channel and enhance customer lifetime value across the platform [21][24] Management's Comments on Operating Environment and Future Outlook - The management anticipates a challenging operating environment in 2026, particularly for consumer segments, but expects higher tax refunds to provide incremental liquidity [22][23] - The company plans to reinvest in the business while prioritizing debt reduction, aiming for a long-term net leverage ratio of 1.5-2 times [24][36] Other Important Information - The company sold its Vive portfolio in early Q4 2025, allowing for capital redeployment towards opportunities with stronger strategic alignment [7] - The management highlighted the importance of AI in improving operational efficiency and customer engagement, with significant advancements made in 2025 [16][17] Q&A Session Summary Question: Performance expectations for Purchasing Power - The company expects low double-digit revenue growth for Purchasing Power in 2026, with potential for synergies and improved EBITDA margins over time [43][44] Question: Credit outlook by product - The management is encouraged by the outcomes of tightening efforts in Progressive Leasing and expects to maintain disciplined decisioning while monitoring macroeconomic indicators [48][49] Question: Trends in GMV and retail partnerships - The company noted a slight rebound in GMV towards the end of 2025, with expectations for improved trends in 2026 as they lap previous headwinds from partner bankruptcies [75][76]