Financial Data and Key Metrics Changes - For the full year 2025, revenue grew 18% to $751.5 million, with recurring revenue increasing by 20% driven by a 22% year-over-year growth in fulfillment [5][11] - In Q4 2025, revenue was $192.7 million, a 13% increase over Q4 of the previous year, marking the 100th consecutive quarter of revenue growth [11] - Adjusted EBITDA for the year grew 24% to $231.4 million, with Q4 adjusted EBITDA increasing 22% to $60.5 million [11][12] Business Line Data and Key Metrics Changes - The total number of recurring revenue customers was approximately 54,600, with the number of 1P customers flat sequentially and a decline of 350 in 3P customers [11] - Average Revenue Per User (ARPU) for the year increased to approximately $14,350 [11] Market Data and Key Metrics Changes - The company faced challenges in the macroeconomic environment, including tariff-related uncertainties that led to spend scrutiny and delayed purchase decisions [5][11] - Revenue recovery represents a $750 million addressable market across 1P US sellers, providing significant cross-selling opportunities within the network [6] Company Strategy and Development Direction - The company aims to leverage AI capabilities through its new agentic features, enhancing its product portfolio and competitive positioning [10][19] - The strategic focus is on increasing customer count and refining go-to-market strategies, particularly through retail enablement programs [32][33] - The company expects to achieve at least high single-digit revenue growth without acquisitions beyond 2026 [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds affecting customer spending and revenue recovery dynamics, with expectations of improvement in the second half of 2026 [73][64] - The company anticipates a 2% annual increase in Adjusted EBITDA margin, supported by gross margin expansion and efficient capital deployment [20][68] Other Important Information - The CFO, Kim Nelson, announced her retirement after nearly 20 years with the company, with Joseph Del Preto set to assume the role [17][18] - The board approved an increase of $200 million in the share repurchase program, totaling $300 million [12][13] Q&A Session Summary Question: Challenges in Q4 and Impact on Expectations - Management noted that Q4 revenue came in at the lower end of guidance due to existing customer headwinds, including invoice scrutiny and uncertainty [24] Question: Monetization of New AI Solutions - The new Max agentic AI solutions are expected to enhance product offerings and competitive positioning, with monetization strategies to be developed as customer usage is monitored [26][27] Question: Growth Strategies and Investments - The company plans to invest in retail enablement programs and enhance marketing capabilities to attract new customers and drive growth [32][33] Question: Customer Count Dynamics - The flat 1P customer count was attributed to the timing of relationship management programs, with expectations for growth to return in the latter half of 2026 [86] Question: General and Administrative Expenses - G&A expenses increased due to investments in backend tools and technology, with a goal to maintain G&A growth at 10%-15% over time [87]