Financial Performance - For Q4 2025, the company reported revenue of $126 million, a 29% increase year-over-year, with $103 million in direct revenue and $23 million in indirect revenue [3] - Full-year revenue for 2025 reached $440 million, up 28% year-over-year, with Adjusted EBITDA of $196 million, representing a 44% margin, and net income of $103 million [4][5] - Operating income for Q4 was $31 million, or 25% of revenue, while full-year operating income was $126 million, or 29% of revenue [1][4] Operational Efficiency - Operating expenses excluding cost of revenue were $63 million for Q4, or 50% of revenue, down from 54% a year earlier; for the full year, these expenses were $201 million, or 46% of revenue, compared to 48% in 2024 [1][4] - The company ended 2025 with approximately $87 million in cash and cash equivalents and $396 million in total gross debt, with free cash flow of $133 million [8] Strategic Initiatives - The company is focusing on AI as an operational advantage, with AI writing approximately 60-70% of new code and improving engineer productivity by about 1.5 times [6][11] - A new AI-native premium tier, EDGE, is being tested with strong early demand, although it is not included in the 2026 revenue guidance [6][12][13] - The company expanded its share repurchase program by $400 million through March 2029, with total buyback availability reaching up to $450 million after repurchasing approximately $450 million of stock in 2025 [7][8] Future Outlook - For 2026, the company guided revenue to exceed $528 million and Adjusted EBITDA to exceed $217 million, with early initiatives like EDGE not included in the revenue outlook [16] - The advertising business grew by 37% last year, with plans for further enhancements including rewarded ads and direct advertising [17] - The company aims to strengthen its core business and improve user engagement through new pricing strategies and product enhancements [9][10]