Financial Data and Key Metrics Changes - For the full year 2025, revenue increased by 39% to $2.5 billion, with Q4 revenue rising 40% year-over-year to $723 million [5][12] - Net revenue retention (NRR) reached a record 124%, up from 116% in 2024 [5][12] - Existing brand partner revenue was $2.2 billion, up 42% year-over-year, while new brand partner revenue was $282 million, up 22% year-over-year [12][16] - Adjusted EBITDA for the full year was $153 million, reflecting a 6.1% adjusted EBITDA margin, which is a 52% growth year-over-year [16] Business Line Data and Key Metrics Changes - International revenue increased by 63% for the full year and surged 69% in Q4 year-over-year [5][6] - Non-Amazon revenue grew 60% for the full year and 94% in Q4 [5][14] - SaaS services and logistics grew 58% for the full year and an impressive 162% in Q4 [6][11] Market Data and Key Metrics Changes - The company operates in over 70 marketplaces worldwide, with significant growth in non-Amazon channels such as Coupang, TikTok Shop, and Walmart [14][30] - 39% of the sales pipeline is coming from outside the Americas, indicating a strong international growth opportunity [30] Company Strategy and Development Direction - The company aims to optimize the e-commerce equation, remove friction for brands, and deliver measurable outcomes at scale [23] - There is a focus on expanding technology-driven optimization, new marketplaces, and product depth to drive growth [12][14] - The company plans to invest in R&D to strengthen its technology moat in AI-driven technology and automation [20] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the ability to create long-term value for brand partners and shareholders, entering 2026 with strong momentum [11][23] - The company anticipates revenue in the range of $3.12 billion to $3.16 billion for 2026, representing a 25%-26% growth [18][20] - Management acknowledged potential challenges in the second half of 2026 due to difficult comparisons with previous growth rates [19] Other Important Information - The company announced a share repurchase program of up to $100 million, reflecting confidence in its growth and profitability [17][52] - The operational efficiency improved, with Days Inventory Outstanding (DIO) reducing to 72 days, a 10-day reduction year-over-year [11] Q&A Session Summary Question: How much of the growth in 2026 is from existing brand partners? - Management indicated that growth is driven by both existing and new brand partners, with a strong pipeline of $460 billion in target opportunities [25][27] Question: What is the momentum around non-Amazon channels? - Management believes that growth in non-Amazon channels will continue to be a tailwind, as they have only recently expanded into that space [29] Question: What are the top areas of product innovation? - Management highlighted that the roadmap for product innovation is exciting, focusing on optimizing the e-commerce formula for brands [34] Question: How is AI changing productivity and international growth? - Management noted that AI is fundamentally reshaping e-commerce and improving efficiencies, which will significantly impact international growth [42][44] Question: What is the expectation for variable costs in Q1? - Management explained that variable costs typically increase in Q4 due to seasonality, but they expect to maintain leverage in the future [50][51] Question: What is the strategy for the buyback program? - Management stated that the buyback program is part of a broader capital allocation strategy, focusing on growth and M&A opportunities [52]