Financial Data and Key Metrics Changes - For fiscal year 2025, total billings were $385 million, down 13.3% year-over-year, and revenue was $233 million, down 16.2% year-over-year [15] - Annual Adjusted EBITDA was $10.1 million, up $7.5 million year-over-year, marking the third consecutive year of positive Adjusted EBITDA [15] - In Q4, total billings were $94.1 million, a 19% decrease year-over-year, and revenue was $56.1 million, a 24.2% decrease year-over-year [16] - U.S. revenue, excluding Bridg, was $40.1 million, decreasing 33.5% year-over-year, while U.K. revenue was $10.8 million, increasing 35.1% year-over-year [17] Business Line Data and Key Metrics Changes - The U.K. business saw revenue surge over 35% year-over-year, driven by deepened engagement with advertisers and increased supply [9] - The grocery and convenience sectors showed particular strength, with a leading grocery retailer increasing spend significantly [8] - The fashion and luxury segment increased spend by 70% quarter-over-quarter, reflecting deeper investment from top consumer brands [9] Market Data and Key Metrics Changes - The company experienced pressures in the travel and entertainment and subscription services sectors, while other areas showed growth [9] - The U.K. business accounted for more than 40% of the company's revenue for the quarter, highlighting its strong performance [10] Company Strategy and Development Direction - The company aims to expand its reach by deepening collaborations with bank partners and integrating new publishers into its network [4] - Strategic priorities include driving revenue growth for advertisers through advanced algorithmic capabilities and investing in technology to enhance operational efficiency [4] - The company is focused on long-term growth despite near-term challenges, including the loss of Bank of America as a partner [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and grow sequentially, despite the challenges posed by the loss of Bank of America and content restrictions from other partners [21] - The company is optimistic about its product relevance and differentiation in the marketplace, with expectations for continued growth in the U.K. [5][22] Other Important Information - The company is transitioning from its legacy data warehouse to a unified data and AI platform, which has improved operational efficiency and reduced costs [11] - The Bridg business is being sold to PAR Technology, which is expected to strengthen the company's balance sheet and improve its path to self-sustainability [14] Q&A Session Summary Question: What factors contributed to the decision to sunset the BofA relationship? - Management indicated that the decision was due to misalignment in program structure, economics, and consumer engagement [41] Question: Can you provide more detail on the potential for adding new card portfolios? - Management confirmed ongoing discussions with bank partners to onboard new segments or portfolios that could increase MQUs and deepen relationships [44] Question: How should we think about cash flow and the return to positive free cash flow? - Management expressed confidence in returning to positive adjusted EBITDA as early as the second quarter, aided by reduced operating expenses from the Bridg exit [54]