Core Insights - The company expects stable revenue of $5.3 billion for 2025, driven by resilient maintenance demand, which compensates for a mid-single-digit decline in new U.S. pool construction [1] Revenue and Construction - New pool starts have declined to approximately 60,000 units, marking a 40% drop from 2022 levels, attributed to broader macroeconomic pressures affecting discretionary construction activity [1] Gross Margin and Operational Focus - Gross margin expanded to 29.7%, supported by disciplined pricing strategies, supply chain efficiencies, and growth in higher-margin exclusive brands [1] - The operational focus has shifted from rapid facility expansion to 'capacity absorption', emphasizing value extraction from the existing network of 456 sales centers [1] Digital Transformation - Digital transformation achieved a record 15% of annual sales, with the POOL360 platform's AI features enhancing customer engagement and operational agility [1] Regional Performance - Regional performance faced challenges in Florida due to tough year-over-year comparisons linked to prior-year hurricane recovery, while Texas showed early signs of recovery late in the year [1] Market Demand Outlook - Management highlighted a 'pent-up demand' thesis, indicating that deferred upgrades and projects are expected to return to the market once consumer confidence stabilizes [1]