Management is intentionally trading short-term profitability for long-term recurring revenue by aggressively investing in Club Member acquisition. The strategy is driven by a favorable ROI where the $34 average acquisition cost in Q4 is immediately offset by a $40 annual membership fee and $10 in transactional revenue. Revenue growth of 9% was supported by all reporting segments, though advertising and commerce experienced softness that management expects to persist into Q1 2026. The transition to a ...